Exports of goods to Middle Africa Southern Africa 2. Similar to exports, EU imports from all five African regions declined from to The trade balance with Northern Africa has varied strongly in the past 10 years; there was a deficit of EUR Cyprus The largest exporters were also the largest importers of goods from Africa in Table 2 , although in a different order.
The highest shares of imports from Africa in total extra-EU imports were found in Portugal It provides access not only to both recent and historical data from the EU Member States but also to statistics of a significant number of third countries. International trade aggregated and detailed statistics disseminated via the Eurostat website are compiled from COMEXT data according to a monthly process. Data are collected by the competent national authorities of the Member States and compiled according to a harmonised methodology established by EU regulations before transmission to Eurostat.
For extra-EU trade, the statistical information is mainly provided by the traders on the basis of customs declarations. EU data are compiled according to Community guidelines and may, therefore, differ from national data published by the Member States. In other words, the EU is considered as a single trading entity and trade flows are measured into and out of the area, but not within it.
All these factors are mostly missing from other countries. Oil export has been the main stay for many economies. With its resources, Nigeria can produce 3. However it only produces an average of 2. This will make Africa the largest free trade area in the world.
What is less known about the AfCFTA is that its scope exceeds that of a traditional free trade area, which generally focus on trade in goods, to include trade in services, investment, intellectual property rights and competition policy, and possibly e-commerce. The signing of the AfCFTA in Kigali comes at a time when the benefits of trade are actively contested, and global powers that traditionally promoted trade as a crucial driver of growth are now calling into question its very tenets.
This apprehension is not without cause. It is broadly recognized that, while globalization and trade produced the impressive economic expansion of the past three decades, the gains have not been fairly distributed.
The World Bank population-weighted Gini index shows that inequality rose steeply between and and declined only moderately by Although global poverty has fallen, prosperity has not been fully shared. Can Africa do better with trade? The share of intra-African exports as a percentage of total African exports has increased from about 10 percent in to around 17 percent in , but it remains low compared to levels in Europe 69 percent , Asia 59 percent , and North America 31 percent.
This is an important reason to expect that trade will be a key driver of growth in Africa. Alternatively, the share of intra-African trade would increase by nearly 40 percent to over 50 percent, depending on the ambition of the liberalization, between the start of the implementation of the reform and Recent evidence by ECA shows that when African countries trade with themselves they exchange more manufactured and processed goods, have more knowledge transfer, and create more value.
In fact, manufactured goods make up a much higher proportion of regional exports than those leaving the continent— The real test of the AfCFTA, however, will be how quickly African countries can accelerate export diversification and product sophistication and make trade more inclusive. The top export opportunities for South Africa according to the relatedness index, are Crude Petroleum 0. Relatedness measures the distance between a country's current exports and each product. The barchart show only products that South Africa is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in. This network shows the products most related to the production structure of South Africa.
These are products that tend to be co-exported with the products that South Africa exports. The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. To explore different rankings and vary these parameters visit the custom rankings section.
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