Africa is blessed with various natural resources that the continent enjoys in abundance. However, trade varies from one country to another. Countries such as South Africa experience high trade whereas regions such as Burundi have the least trade volumes.
Africa Trade: Exports
Botswana and South Africa are two biggest exporting countries in Africa. South Africa is the world’s biggest producer of gold & diamonds. The country has a well developed law system. South Africa has a large pool of skilled labour and advanced infrastructure and developed financial resources. All these factors are mostly missing from other countries. Advanced in the following streams, the African government along with various funding agencies has taken steps to maintain and bring in more business in South Africa through tenders.
The main exported commodities of African nations are:
- Palm Oil
- Gold
- Diamonds
- Oil
- Cocoa
- Timber
- Precious metals.
Oil export has been the main stay for many economies. Nigeria is one of the world’s largest oil reserves and Africa’s largest oil producer. With its resources, Nigeria can produce 3.2 million barrels/day. However it only produces an average of 2.21 million barrels/day. You can expand your business reach in Nigeria through Africagateway with the help of regular online tenders floated and steps taken for improvement by the local government.
In the last two decades, countries such as Sudan, Angola, and Equatorial Guinea have also benefited due to their oil exports.
Africa Trade: Imports
Africa struggles with food items and basic facilities. It is often under the grip of internal outbreaks, leaving less scope for infrastructural or administrative change over. Therefore, African imports feature medical supplies as well as food items. Africa, in the next few years will be known as the food hub.
The main imported commodities are:
- Machinery and equipment
- Chemicals
- Petroleum products
- Scientific instruments
- Foodstuffs
Machinery and equipments imports have become regular as the region is trying to uplift its productivity and make use of the vast resources.
However, the imports are limited to nations that have a decent level of consumption.
Overall, Africa trade has been helped enormously by other such as Germany, Japan and China that have not only invested a lot in the emerging countries but have been regular African trade partners as well. You can also expand your business reach in Africa with the help of Africagateway in not only Import and Export but in other emerging sectors too.