The trade deficit Africa recorded in exchanges with the European Union (EU) dropped by 95.2 % between 2015 and 2018, according to data provided by the European Commission.
While Africa suffered a €21 billion deficit in exchanges with the EU in 2015, the figure significantly shrunk to only €1 billion in 2018. This is way below the $14 billion deficit recorded with Russia and the $6 billion deficit with China.
The European Commission said the strong recovery of Africa is driven by the increase of exports. From €133 billion in 2015, African exports to the EU jumped 13.5% to €151 billion last year. Meanwhile, imports from the EU slightly dropped from €154 billion in 2015 to €152 billion in 2018.
Last year, over 65% of goods shipped to the EU from Africa included agricultural, mining, and energy primary goods; while 70% of goods exported from the EU were manufactured goods.
Over the period, Central, Southern, and Western Africa recorded a trade surplus of €2 billion. Northern and Eastern Africa saw a deficit of about €6 billion (in the entire Maghreb region).
Moutiou Adjibi Nourou
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
Efforts to reinforce health systems are gaining pace across Africa, with this week’s developments fo...
Coca-Cola will invest $1.03 billion in South Africa by 2030 to expand capacity and distributi...
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
ECOWAS and IMF sign cooperation framework to strengthen policy alignment West Africa’s grow...
Mauritanian Zeine Zeidane has been appointed director of the IMF’s Africa Department. A former prime minister and an IMF official for more than a decade,...
Africa’s sports economy could expand from $12bn to $30-35bn over the next decade Tourism contributes up to 8% of GDP across the continent,...
A two-year partnership will support women entrepreneurs with finance and training The initiative targets underserved and refugee-hosting...
Chevron has taken a final investment decision on the Aseng Gas Monetisation project. The project targets 550 billion cubic feet of gas with an...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...