AFRICA recorded a significant boost in exports in 2024, reaching $682bn, driven by stabilising commodity markets and strong performance by oil-exporting nations, according to a new report by the African Export-Import Bank (Afreximbank).
In its African Economic and Trade Outlook 2025, themed African Resilience in a Changing World Order, the bank revealed that exports rose nearly 10 percent year-on-year, marking a return to pre-pandemic trade levels despite global economic headwinds and tighter monetary policies in key markets like China and Europe.
Total trade for the continent—combining exports and imports—climbed 5.8 percent to $1.4 trillion in 2024, reversing a 6 percent contraction recorded in 2023. Imports were up only slightly by 2.4 percent, reaching $719 billion. This helped narrow Africa’s trade deficit from $80bn in 2023 to just $37bn.
‘This rebound in trade reflects a broader stabilisation of global commodity prices following the volatility triggered by the pandemic and geopolitical tensions,’ Afreximbank noted.
Oil-producing countries led the gains
The report highlighted that oil-exporting nations—including Nigeria, Angola, and Algeria—were among the biggest beneficiaries of 2024’s relatively balanced crude markets. After wild fluctuations in 2022 and 2023, oil prices held steady last year, providing a much-needed revenue lifeline for these economies.
‘Crude-exporting countries were able to sustain export revenues without the shocks of previous years,’ the bank stated, referencing the price surge following Russia’s invasion of Ukraine and the dip caused by the subsequent global slowdown.
Inflation still a major hurdle
Despite the export gains, Afreximbank flagged persistent inflation as a concern. Since 2020, the continent has struggled with rising prices triggered by global supply chain disruptions, higher fuel costs, and depreciating local currencies.
West Africa saw the highest inflation jump in 2024, rising from 20.6 percent to 21.4 percent. Northern Africa’s inflation crept up to 18.5 percent, while Southern Africa experienced a dramatic decline—dropping from 38.9 percent to 20.1 percent—thanks largely to anti-inflation measures in Zimbabwe.
Inflation also eased slightly in Central and Eastern Africa, with rates falling to 8.4 percent and 20.9 percent, respectively. However, Afreximbank warned that currency devaluation and extreme weather continued to put upward pressure on food and consumer prices.
Trade resilience in a shifting global order
Despite the uneven macroeconomic landscape, Afreximbank painted a largely positive picture of Africa’s resilience. The continent’s ability to bounce back from a sluggish 2023 was attributed to stronger intra-African trade, improving infrastructure, and strategic resource exports.
Still, the bank urged policymakers to double down on inflation control, currency stabilisation, and diversification of trade partners to shield against future shocks.
