The hub of industries and advanced technology, the nation is emerging as one of the top globally growing economies, being a tough competition to the rest. More than 11 nations of the giant contribute to the rapidly growing economy with Nigeria, Egypt, and South Korea at the top.

The Africa Customs Data represents that a major outlook of the globally growing economy of the giant relies upon its trade businesses. Most of the countries like Ethiopia and Senegal accompanied by Ghana and Rwanda continue to achieve a higher rate of economy with the passing years. The GDP of the giant continues to grow and has achieved a rate of 3.9% increase
from the hike of 3.4% in 2021.

Top 10 African Countries Gdp Growth Rate

The top 10 African countries behind Africa being the second fastest growing economy of the world with its Gross Domestic Product are enlisted below,

• Ethiopia (GDP growth rate – 8%)
• Rwanda (GDP growth rate – 7%)
• Tanzania (GDP growth rate 6-7%)
• Ghana (GDP growth rate – 6%)
• Senegal (GDP growth rate – 5%)
• Ivory Coast (GDP growth rate – 5%)
• Uganda (GDP growth rate – 6%)
• Kenya (GDP growth rate – 5%)
• South Africa (GDP growth rate – 4%)
• Burkina Faso  (GDP growth rate – 3.9%)

Top 3 African Countries Contributing to the Economic Growth of Africa

The economic development of the giant has been on the track of rapid growth for the past few years, with numerous countries contributing significantly to the country’s economy. The African global data lists the below 5 countries as the key factors in economic growth,

• Nigeria (15%)
With an increased gross domestic product of 8.2% by 2023 from a rate of 6% in 2019, Nigeria tops the list of the top contributors with a share of 15% in the economic growth of Africa.

• Egypt (13%)
The GDP of Egypt has increased from 5.8% in 2019 to 7% in 2023, by stimulating its foreign investment and private sector the country accounts for 13% of the total economic growth of Africa.

• South Africa (12%)
Being the most developed economy in Africa, South Africa contributes 12% to the growing economy of the giant with a GDP growth rate of 2% in the year 2023.

Top 5 Exported Products of the Year 2023

The Africaexport data shows that the country mostly relies upon the global trade rate for its rapidly growing economy. The top 5 manufactured exported products of the country are listed below,

• Oil (HS code – 15)
Nigeria, Algeria, and Angola are the top three African giants which made the country one of the largest oil production hubs. With the extensive amount of oil produced each year, the country exports petroleum products worth 300 billion US dollars.

• Precious metals (HS code – 26)
South Africa the largest producer of precious metals gold, silver, and platinum indulges the country to export products worth 100 billion US dollars.

• Agricultural products (HS code – 84)
The Africa trade data of the previous few years clearly shows that agricultural products had a great value of significance in the revenue of the export trade rate. The total amount of agricultural exports by the country accounts for 30 billion US dollars.

• Textiles (HS code – 59)
The globally growing textile industry demands higher production of textiles for the domestic stability of needs, the total trade value of textile export is 20 billion US dollars.

• Cocoa (HS code – 18)
Ivory Coast, Ghana, and many other African countries rely on the production of Cocoa to contribute to the rapid economy of Africa. The export of cocoa from Africa to other countries is worth 10 billion US dollars.

AFRICA TOP EXPORT DESTINATIONS OF 2023

The Africa export-import data shows that the top destinations of export of the country hold great significance in the rapid economic growth. The top 5 export destinations of Africa are listed below,

• China
Crude oil, petroleum products, and agricultural products exported from Africa to China are worth 160 billion US dollars.

• United States
Another major destination of African exports the United States imports precious metals from Africa worth 80 billion US dollars.

• India
This diverse country holds the third position on the list with 79 billion US dollars in products with agricultural resources at the top.

• Japan
Japan relies on the export products of China for commodities like iron and copper to meet its domestic needs. The products exported are worth 50 billion US dollars.

• France
Rounding up, France holds the fifth top position among the export destinations of Africa with the top trade of cocoa products worth 45 billion US dollars.

Top 5 Import Products of the Year 2023

The import market of the giant plays a major role in the rapidly advancing economy of the country. According to the Africa import data, the top 5 imported products of the year 2023 are as follows,

• Machinery and equipment (HS code – 84)
China imports machinery and equipment worth 115 billion US dollars.

• Electronics (HS code – 85)
The electronics import trade value of China is worth 80 billion US dollars, imported to influence the rapid growth of the mechanical sector.

• Petroleum products (HS code – 27)
Petroleum products are at a rate of 75 billion worth of revenue generation for meeting the domestic needs of the country.

• Pharmaceuticals (HS code – 29)
Pharmaceuticals account for 30 billion US dollars.

• Food products (HS code – 52)
The staple food products are at a rate of 25 billion US dollars. Being one of the top exporters, the country still imports food products for revenue generation.

Top 5 Import Partners of Africa in 2023

The Africa shipment data clears out the fact that the import partners of the giant hold a massive share in the annual economic revenue as discussed below,

• China
China continues to be the top import partner of Africa with its vast amount of resources and record for an overall import value of 105 billion US dollars worth of products.

• European Union
The European Union mostly trades cocoa and other refineries with Africa worth 85 billion US dollars to contribute to the annual revenue.

• United States
United States is a vital trade partner of Africa with agricultural products worth 65 billion US dollars in 2023.

• UAE
UAE exports industrial necessities to Africa with a traded value of 55 billion US dollars in 2023.

• India
Precious metals gold, silver, and diamonds are traded at a value of 45 billion US dollars from India to Africa.

Economic Growth of Africa Across Regions

East Africa

• 2021 – 3.4%
• 2022 – 5.6%
• 2023 – 5.9%
• 2024 – 6.8%

North Africa

• 2021 – 4.2%
• 2022 – 4.6%
• 2023 – 4%
• 2024 – 5%

South Africa

• 2021 – 3.5%
• 2022- 4.1%
• 2023- 4.8%
• 2024 – 5%

West Africa

• 2021 – 3.7%
• 2022 – 4.7%
• 2023 – 4.1%
• 2024- 6.3%

FAQ’s

Que. Who is the top import partner of Africa?
Ans. China is the top import partner of Africa.

Que. What is the increased GDP of Africa in 2023?
Ans. The increased GDP of Africa in 2023 is 3.9%.

Que. Where to get information about Import Export trade data of Africa?
Ans. At Import Globals, you can get information about Import Export trade data of Africa.

www.importglobals.com; info@importglobals.com