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17 March 2023 – Global trade has recently experienced unprecedented shocks as the world grapples with the consequences of Covid-19, protracted geopolitical conflicts, and rising energy costs.
According to the International Monetary Fund (IMF), African nations were some of the hardest hit by the food crisis caused by protectionist policies implemented by exporters after the Ukraine-Russia conflict began. As a net food importer, the continent saw specific commodity prices rise by as much as 70% in some nations, with the IMF reporting that global food commodity prices rose by 23.1% in 2021.
Furthermore, according to the World Bank, global oil prices surged as several large oil companies stopped operations in Russia causing a demand increase for oil and gas coming from the Middle East and OPEC.
What’s the Africa global trade situation?
Despite economic shocks, the continent is still a source of several key global trade commodities that can support trade resilience. Africa, according to the United Nations, is home to 30% of the world’s mineral reserves, 12% of its oil, and 8% of natural gas. As home to 65% of the world’s arable land and 10% of renewable fresh water, Africa has also been a significant agricultural producer exporting fresh produce to the Middle East, Europe, and beyond. Source: Maersk.com