Finance

East African Community Records $10.9 Billion in Intra-regional Trade in 2022

East African Community Records $10.9 Billion in Intra-regional Trade in 2022
Monday, 21 August 2023 19:46

This growth in intra-regional trade can be primarily attributed to the continued elimination of non-tariff barriers, the harmonization of product standards, and the admission of the Democratic Republic of Congo (DRC) into the regional bloc.

Trade among the member states of the East African Community (EAC) reached a record $10.9 billion in 2022, up 12.1% from the previous year. Peter Mathuki, Secretary-General of the EAC, revealed the increase on August 16, 2023.

Speaking at a press conference, Mathuki mainly attributed the growth in intra-regional trade to the continued elimination of non-tariff barriers, the harmonization of product standards, and the admission of the Democratic Republic of Congo (DRC) into the regional bloc in March 2022. 

He also explained that trade between the EAC’s member states of the bloc could contribute up to 40% of the region's total trade, compared to only 15% in 2022.

The East African Community is headquartered in Arusha, Tanzania. It has seven members: Burundi, Kenya, Rwanda, Tanzania, South Sudan, Uganda, and the DRC. Spanning an area of about 4.8 million square kilometers, the regional bloc pools a market of 300 million consumers and has significant natural resources.

The EAC is one of the most integrated regional economic communities in Africa. It functions as a customs union, with most goods and services being exchanged duty-free between member states, and having a common external tariff with third countries. People, goods, services, and capital can move freely within the shared market.

On the same topic
Partnership with ANSER focuses on structuring and mobilizing financing Mechanism relies on phased funding tied to project...
Coris Bank International posted a 36% increase in net profit in 2025. The bank grew its customer base by 11.6% and deposits to CFAF 2,015.3...
Kenya has asked the World Bank for rapid emergency financing to cushion the economic shock from the war in Iran, Governor Kamau Thugge said...
Seven of Nigeria's top 11 listed banks missed the March 31 deadline for 2025 audited accounts, all citing pending Central Bank approval The bottleneck...
Most Read
01

(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...

EBID makes giant strides for a green transition in west africa
02

Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...

Mauritanian Telecom Operators Submit $27 Million Combined Bid for 5G Licenses
03

Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...

Cameroon Presses Telecom Operators on Service Quality as Complaints Rise
04

Algeria launches bid for two NGSO satellite telecom licenses Move aims to expand broadband ac...

Algeria Opens Satellite Market to Competition, Inviting Global Operators
05

Gabon's 7% 2031 Eurobond posted its biggest single-day drop in a year on Wednesday after a new I...

Gabon Eurobond Due 2031 Posts Biggest Drop in a Year on IMF Budget Warning
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.