Trends relating to imports and exports in the african continent are different as compared to other parts of the world.
It is different from most of the trade deals of Africa
carried out with the European Union. Various things should be given special
attention to international trade in Africa. These key points are as follows:
The number of imports, exports, and the surplus products
have never been predictable or static for Africa. There have been changing
trends in terms of exports, imports as well as the surplus that is left after
all this exchange.
The imports to the continent have reduced in the year 2016,
but then again increased by a large speed in the subsequent two years. The main
importer in Africa is the European Union. After the European Union, China and
other African countries are the major players in the market of international
trade.
In the case of exports, the trends have shown a positive
picture until the year 2016. In 2016, exports from Africa declined. However,
the situation was restored, and the value of exports increased again in the
subsequent year of 2018. Like its imports, African exports also majorly revolve
around the European Union. Other major players in the export market are the
African countries, India, China, the United States, etc.
The case of surplus left with the country after all its
international transactions is identical to that of the imports. When there have
been fewer imports and falling exports in the year 2016, the amount of surplus
left with the government was the highest. While with an increase in imports and
a little increase in exports, the balance value has fallen drastically.
In the case of the products for particular, export trade in
Africa is dominated by manufactured goods. These goods mainly include exports
of food, drinks, chemicals, machinery and vehicles, and many other manufactured
goods in Africa.
In the case of imported products, trade is dominated by
primary goods.
The largest trade partner of the European Union is the North
African region. While international trade has drastically increased in the
northern parts of the continent, other parts of the country, including middle
Africa and southern Africa, have shown a decline in the trade. Western and
Southern parts have remained a bit neutral, and there has not been much change
in their trading patterns.
In an increasingly globalized world, it becomes more
important to understand the trading pattern of the countries. Africa is one of
the most important continents that show changing patterns in its trades with
the countries. The given data has been collected from the EU database. There is
a separate database designed by the European Union, which especially acts as an
import Export Data provider. It is not less than an import export genius as it
provides the most authentic and accurate information about the trading figures
of the countries all around the world.