With a global trade share of less than 3 per cent, export diversification has yet to be achieved, as many African countries still rely on rents from extractive exports, whilst falling behind on industrialisation efforts.Īgainst this backdrop, intra-African trade remains below its potential, accounting for about 17 per cent of the total African trade volume in 2017. Africa is still heavily reliant on commodity and agricultural exports while importing capital goods or food products predominantly from outside the continent. Although growth in Africa is forecasted at an average of 3.6 per cent for 2019–20, with the world’s fastest growing economies being on the continent, there is still much to be done.
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