The latest report from the African Export-Import Bank, Afreximbank in acronym, brings many revelations on the evolution of world trade. Indeed, the statistics for the year 2020 show a contraction of around 9.2%, after a drop of 2.8% in 2019. This long-awaited annual report has made a real diagnosis of the trade and economic development of Africa during an exceptional year marked by trade wars, rising customs duties and of course covid-19. These events had a negative impact on the growth of world trade, as shown by the figures of the pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank (AfDB).

For Africa, the situation is not very good. Its share in world trade eventually fell to 2.7% (2019) from 4% in the 1970s. around 12% between January and August 2020. The strongest declines recorded concern the months of April and May of the year under review. The report notes that the share of African exports to Asia stood at nearly 31% in 2019, compared to 25% for the European Union . China and India absorbed 27% of Africa's total merchandise exports this year. The situation remains similar in the origin of imports from African countries, with Asia increasingly strong in the African continent to the detriment of the European Union .

Looking further into the report, it is difficult to talk about trade in Africa without mentioning the informal cross-border trade which is an essential component of intra-African trade. It still represents a source of income for 43% of the African population. In the continent, this important component, even if its contribution to the GDP is hardly recognized, occupies a very high place. It sometimes represents up to 80% of the value of official trade in some African countries. Leading the way is South Africa, which alone accounts for 23% of intra-African trade in 2019. Over the years, another rather unexpected country has recorded the biggest jump, the report notes. This is the DRC which accounts for 10.4% of total trade. The country thus ranks second among players in intra-African trade. Then Nigeria completes the top 3, with 7%. The financial institution proposes a more in-depth study of informal cross-border trade in Africa to better measure the volume and composition of this informal trade. Carrying out a fairly in-depth analysis for the first time, Afreximbank is already advancing a first figure: 70% of informal cross-border trade actors in southern Africa are women.

For the institution, the real problem of Africa is its strong dependence on the export of raw materials, oil and gas. Together, these products represent more than 37% of total exports. Diversification and other transformations are needed to bring this trade into the formal sector. The report also places the launch of the African Continental Free Trade Area among its key recommendations. 2021 will be a good year for Africa, which should benefit from the recovery in global economic activity and the increase in demand for African exports.