AFRICA TRADE DATA – ANALYSIS AND FINDINGS
African Continental Free Trade Area, also known as (AfCFTA) is one of the biggest Free Trade Areas on this earth with a huge population and GDP of USD 3 trillion in 2022. The major advantage extended by this document is that all its members have an extra hand to take advantage and expand their market and sales margins in order to grow the living standards of the African population. This AfCFTA act talks about the policies and reforms that can be beneficial for traders and marketers to complete their trade deals successfully, which will boost the Africa Trade Data to a higher position.
Africa’s trade has been growing very slowly in recent times. Very less growth is observed in the exports of apparel and clothing with more or less the same share of services in the country’s GDP. This is happening because the connectivity of the continent is limited when it comes to global trade integration. Many more factors that are affecting the international trade patterns of the nation are weak transportation services, strict and lengthy customs formalities, and financing services.