“Despite global headwinds, Africa’s trade rebounded strongly in 2024, with trade between African countries growing by 12.4% to reach US$220.3 billion, from a contraction of 5.9% in 2023.
This shows the tangible benefits of AfCFTA implementation, even as the continent contends with rising inflation, sovereign debt risks, and a persistent trade finance gap.”
Dr. Yemi Kale, Afreximbank’s Group Chief Economist and Managing Director of Research, stated this during the launch of its flagship African Trade Report 2025, themed “African Trade in a Changing Global Financial Architecture”, during the Afreximbank Annual Meetings (AAM2025) in Abuja, 25 June 2025.
The report looks at the performance of Africa’s trade in a challenging global environment charaterised by rising geopolitical tensions, new trade barriers, and financial uncertainty—and analyses how the continent could leverage these challenges into opportunities to enhance its resilience and navigate the evolving landscape.
The report shows that Africa’s total merchandise trade recovered, surging by 13.9% in 2024, to US$1.5 trillion, following a 5.4% contraction in 2023.
However, Africa still makes up only 3.3% of global exports. That’s a clear signal.
The continent must do more by moving away from commodity exports and accelerating its industrialisation process if it is to enhance its integration into global value chains and boost intra-African trade.
It also needs better access to trade finance to bridge the gap estimated at about US$100 billion.
While the global economy slowed to 3.3% growth in 2024 and is expected to dip further in 2025, Africa held steady.
The continent’s economy grew by 3.2%, helped by strong commodity prices and better public finances. Still, growth remains uneven across the continent.
