Development of Trade and Economic Relations of African Countries

Abstract

Africa is an important trading partner for many countries worldwide, despite the fact that most of its countries are characterized by a relatively low level of competitiveness on the international stage. The development of trade and economic relations among African countries can contribute to economic prosperity, strengthen regional security, and promote peace. However, integration processes are complicated by political instability, internal conflicts, and significant differences between countries in terms of economic development. On the one hand, the prospects for the development of trade and economic relations, and on the other hand, the complexity of implementation emphasize the relevance of the research topic. The article analyzes indicators such as export, import, trade balance, geographical structure of trade, and the export-import relationship between African countries and Ukraine. The analysis of trade and economic relations of African countries reveals that the share of Africa’s export and import is currently less than 3%. Since 2013, there has been a significant excess of imports over exports, negatively impacting the region’s economy. As a result of the analysis of intra-regional and inter-regional trade, it was found that the volumes of intra-regional trade account for 13.7%, indicating a higher level of trade and economic interaction between African countries and other regions of the world. The creation of a continental free trade area in the future may increase the volumes of mutual trade between countries, but significant changes have not occurred yet. African countries are also important trading partners for Ukraine, with a positive trade balance in their favor.

Keywords

• foreign trade
• trade and economic relations
• africa
• export
• import
• trade balance