Interview - Africa is expected to record better growth in merchandise trade in 2024 with trade volume increasing by 5.3 per cent in the year from 3.1 per cent registered in 2023, the World Trade Organisation (WTO) has said in its latest global trade outlook report.
Africa is expected to record better growth in merchandise trade in 2024 with trade volume increasing by 5.3 per cent in the year from 3.1 per cent registered in 2023, the World Trade Organisation has said in its latest global trade outlook report.The WTO said on Wednesday, April 10, that if its forecast for 2024 is realized, Africa 's exports will finally exceed their 2019 level by the end of this year, but imports will only just match their earlier level.
Some of it is the ongoing recovery from the pandemic. Travel spending was up 71% in 2022 and 38% in 2023 but it only ended up 4% higher than in 2019. China only really relaxed their pandemic controls at the start of last year, and the hoped-for surge in spending did not materialize. Asian economies will make a large contribution to import demand, partly due to their return to growth and partly due to their weight in world trade.
Commodity prices have come down, which is good news for net importers but less positive for net exporters . As for the Red Sea crisis, its short-term economic impact has been limited to date but its longer-term impact will depend on how long it persists and, on the frequency, and severity of attacks.
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