• Africa’s total trade rose by 13.9% to $1.5 trillion after shrinking in 2023
• Intra-African trade grew by 12.4%, driven by the African Continental Free Trade Area (AfCFTA)
• Afreximbank plans to boost trade finance to $40 billion by 2026 to close funding gaps

Africa’s total merchandise trade grew by 13.9% in 2024, reaching $1.5 trillion, after contracting by 5.4% in 2023, according to a report released on Wednesday, June 25, 2025, by the African Export-Import Bank (Afreximbank).

Intra-African trade also increased by 12.4%, reaching $220.3 billion. This growth reflects the early impact of the African Continental Free Trade Area (AfCFTA), which is easing trade between African countries.

Despite these positive figures, structural challenges remain. Afreximbank noted that Africa’s share of global exports slightly declined, from 3.5% in 2009 to 3.3% in 2024, underscoring the continent’s continued reliance on raw materials. The report stressed the urgent need to accelerate industrialization and diversify African economies to better integrate into global value chains and strengthen regional trade.

The report also highlighted a significant trade finance gap, estimated at around $100 billion annually. To help address this, Afreximbank provided over $17.5 billion in trade finance in 2024 and aims to increase that to $40 billion by 2026 to further support trade growth.

The bank emphasized the importance of advancing the AfCFTA, which is becoming a key pillar of trade resilience in the region. The report also pointed to the growing role of the Pan-African Payment and Settlement System (PAPSS), which facilitates cross-border transactions and reduces reliance on foreign currencies.