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
Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...
CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...
Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...
BOAD plans 750 billion CFA francs financing for Burkina Faso Funds to support key sectors and Rel...
Yassir moves into media distribution in France with the acquisition of Paris-based adtech firm Kaw...
Altona lists on US OTCQB to access American capital Move supports Mozambique Monte Muambe rare earths project development Listing aligns with US push...
DRC, South Africa to resume Inga 3 talks in April Plans include boosting power exports up to 5,000 MW $10bn+ project still in planning with World...
Cameroon banana exports jump 36% to 27,674 tons in January Growth driven by French group subsidiaries PHP and CDBM Compagnie Fruitière dominance to...
Djibouti receives a $35 million grant to expand rural access to drinking water The project will benefit over 120,000 people and strengthen...
Event highlights growing role of diaspora entrepreneurs across multiple sectors Networks support trade, investment and SME...
Afreximbank launches Impact Stories season two highlighting trade-driven transformations Series features projects across Africa and Caribbean, from...