Energy imports were up 23.4% during 2018 and the EU28 had a €298.5 billion trade deficit for energy. trade flows in Africa becomes significantly important due to the very low levels of intra-African trade. Goods exported from the EU-27 to non-member countries (extra-EU trade) accounted for 12.0 % of global exports, while goods exported to other EU Member States (intra-EU trade… Africa’s current RECs include Economic Community of West African States (ECOWAS), the East African Community (EAC), Southern African Development Community (SADC), Arab Maghreb Union (AMU) and the Community of Sahel-Saharan States (CEN-SAD) but which have little data on intra-Africa trade except for EAC and SADC members that have made progress in building reliable national trade statistics. 29 March 2019, Accra – The outlook of trade in the sector of agricultural commodities in Africa received an upward traction as the Food and Agriculture Organization of the United Nations (FAO) and the African Union Commission (AUC) signed a Technical Cooperation Project (TCP) agreement to boost intra-African trade.. Intra-Africa exports accounts for 13% of Nigeria’s total exports and imports for 4% of total imports for 2018. About IATF. BRICS is the acronym used for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. The EU-27 accounted for more than a quarter of world trade in goods in 2018 (see Map 1). The African Export-Import Bank (Afreximbank) says it has opened credit lines amounting to $800 million in 55 banks across Africa to facilitate the confirmation of letters of credit to support intra-African trade. The International Monetary Fund predicts that this growth will only accelerate—reaching around 5.5 … According to current statistics for the ended year, ... Net income was projected to rise to US$2.8 billion per annum, intra-Africa exports, at only 19 percent in 2018 would double in the medium term. E-Learning on Statistics of International Trade in Services. Stay updated with the latest info. Intra-African exports were 16.6% of total exports in 2017, compared with 68.1% in Europe, 59.4% in Asia, 55.0% in America and 7.0% in Oceania. China’s trade – exports and imports – with Hong Kong Special Administrative Region (SAR), Japan, Taiwan Province of China, and the Republic of Korea totalled US$1.16 trillion. Figure 1 presents the development from 2000 to 2018 of the sum of exports and imports for the EU-27’s transactions of goods and services with non-member countries (in other words, trade outside of the EU, also known as extra-EU trade); these data are based on quarterly balance of payments statistics. The African Union Commission is sponsoring a few young entrepreneurs to participate in the Intra African trade fair.The fair takes place in Cairo, Egypt | Egypt International Exhibitions Center from 11 – 17 December 2018. Intra-African trade rose … This study contributes to the literature by examining a gravity model for panel data from 1995 to 2014 for 53 African countries. UK had the largest intra-EU trade deficit in 2018 at €108.8 billion. 3 Afric r r r ers 4. Intra African Trade Fair (IATF) In December 2018, Afreximbank held the First Intra-African Trade Fair (IATF2018) which took place in Cairo, Egypt. This makes greater African trade integration central to our own goal of ending poverty by 2030, and to the aspirations of African governments and communities. Intra-Africa trade profile for 2018. By transforming the large volume of primary trade data into an accessible, user-friendly, web-based format, Trade Map provides indicators on export performance, international demand, alternative markets and the role of competitors. Currently, Africa accounts for 2.9 per cent of the world production and 2.6 per cent of the world trade even though 16.3 per cent of the world population is living on the continent. On October 14, 2018 3:48 pm In News by Nwafor. Africa has a big domestic market that possesses significant opportunities. The trade show most prominently provides a huge platform for sharing African trade and investment information. IATF2018 attracted more than 1,000 exhibitors from 45 countries and across 20 sectors, generating over $32 billion in deals, some of which Afreximbank has already financed. Before induction of South Africa in 2010, it was BRIC. While intra-Africa trade in agriculture has been growing over the years, the levels remain significantly below the potential. That means intra-African trade creates more employment in the source country than Africa trading with the rest of the world. Intra-regional trade was most pronounced in Europe. The initiative; IATF 2018; Success Stories; Press & Marketing. Is this agreement an attempt East African Community Headquarters, Arusha, Tanzania, 6 th December, 2018: Intra-regional trade within the East African Community is currently very low standing at just less than 20%.. There are significant economic development gaps both between African and developed countries as well as among African countries. Press & Media Trade Map is free to use and provides trade statistics and market access information for export development. Permission to make digital or hard copies of any information contained … Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. In 2018, Nigeria exported and imported goods to and from the rest of Africa to the value of US$7 billion and US$1.3 billion, respectively. In 2015, intra-African trade was worth just $170 million, according to the same institution’s figures, when the potential stands at trillions of dollars. It also endorsed an Action Plan for Boosting Intra-African Trade (BIAT). Deadline: November 18, 2018. In early March 2018, the negotiating forum met for the tenth time to finalize Section II … The complete publication "International trade statistics 2000" can be ordered from the WTO online bookshop in CD-ROM or printed versions or can be downloaded by clicking the links below. African trade: IMF Direction of Trade Statistics. Intra-African Trade In 2018, 16% of Africa’s total exports were intra-regional, which was considerably below that of most global regions, including North America (30%), Asia (60%), and Europe (69%). Trade exchange between Algeria and other African countries is still far below potential, with the value worth around 3 billion U.S. dollars annually, Director General of the Algerian Agency for the Promotion of Foreign Trade (AGEX) Chafiq Chetti said on Thursday. Its average GDP growth of 5.2 percent consistently outpaces that of the rest of the world. The International Trade Statistics Yearbook: Volume I – Trade by Country and Volume II – Trade by Product provide an overview of the latest trends of trade in goods and services showing country and product profiles of international trade, respectively. Intra-EAC Trade still very low, says EAC Official Posted in Trade. Sub-Saharan Africa is one of the fastest growing regions in the world. Themed “Intra-African Trade for a Transformative Africa”, the IATF will take place from 11 to 17 December 2018 at the Egypt International Exhibition Centre in Cairo. The rest of the paper is organized as follows. After two years of negotiations, rep-resentatives of a large number of African countries signed the African Continental Free Trade Agreement in Kigali on March 21, 2018, at an extraordinary African Union Summit. Africa trade Statistics . The Boosting Intra-African Trade (BIAT) Action Plan is the principal accompanying measure for AfCFTA. European Union 2018 trade statistics for each member state. Trade Relations among BRICS Countries – Intra-BRICS Trade Statistics 02 January 2018. The Assembly of the African Union, during its eighteenth ordinary session that was held in Addis Ababa, Ethiopia, in January 2012, adopted the Decision to establish a Continental Free Trade Area (CFTA) by the indicative date of 2017. Long-term trends in Africa, however, suggest such trade is increasing. The United States’ trade with Mexico and Canada was worth about the same amount (US$1.12 trillion). World Bank statistics put intra-African trade at just 11% of the continent’s total trade between 2007 and 2011. Intra-Africa Trade: West Africa to interlink payment system. To end extreme poverty, policies to increase the contribution of intra-regional trade to growth will need to be matched with a new effort to maximize the gains of trade for the poorest. The African Development Bank invites you to a virtual panel discussion themed Intra-Africa Trade in the Age of COVID-19 – Issues, Challenges and Way Forward as part of the wider Cultivate Africa dialogue.. 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