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Trade & asianafrican.org
Investment
Opportunities In
Asian & African
Countries,
2020
VOL01 EDITION01 | JANUARY2020
KNOWLEDGE
PARTNER
Trade & Investment Opportunities In Asian & African Countries, 2020 1
Disclaimer
The report is prepared using information of a general nature and is not document, as well as any data and maps included, are without prejudice to the
intended to address the circumstances of any particular individual or status of or sovereignty over any territory, to the delimitation of international
entity. The report has been prepared from various public sources and the frontiers and boundaries, and to the name of any territory, city or area.
information received from these sources is believed to be reliable. The
information available in the report is selective and subject to updation, Rights and Permission
revision and amendment. While the information provided herein is believed The material in this publication is copyrighted. AACCI encourages use and
to be accurate and reliable, Asian-African Chamber of Commerce and distribution of its publications. Content from this document may be used
Industry and SkyQuest do not make any representations or warranties, freely and copied into other formats without prior permission provided that
expressed or implied, as to the accuracy or completeness of such information clear attribution is given to the original source and that content is not used for
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preparing the report, Asian-African Chamber of Commerce and Industry
and SkyQuest do not accept any liability whatsoever, for any direct of Cover design by the Asian-African Chamber of Commerce & Industry based
consequential loss arising from this document or its contents. on images from Shutterstock.com
© Asian-African Chamber of Commerce & Industry
The opinions expressed and arguments employed herein do not necessarily
reflect the official views of the Asian-African Chamber of Commerce & ISBN 978-9938-882-97-1 (print)
Industry, its Boards of Directors, or the countries they represent. This ISBN 978-9938-882-97-1 (electronic)
Trade & Investment
Opportunities in
Asian & African Countries
2020
POWERED BY
CONTENTS Message from Founder & Chairman 06 Message from Vice Chairman – Africa 07 President-Foreword 08 Message from Director & CEO, Skyquest Technology Group 09 Acknowledgements 10 Executive Summary 11 List of Tables & Figures 13 Abbreviations 13 Chapter 1 Introduction to Asian and African Economies 14 Chapter 2 Economic Outlook 16
Chapter 3 Top Sectoral Analysis 22 Chapter 4 Import Export Trends and Opportunities 26 Chapter 6 Foreign Direct Investments 36 Chapter 7 Asia – Africa Growth Corridor, Convergence of Opportunities 40 PEST Analysis 42 Conclusion 44 Notes 45 References 45
Message From
FOUNDER
&
CHAIRMAN
Asian countries had concentrated on providing Africans
with knowledge and access to technologies. This may include
scholarships and specialized training courses for Africans to
study in Asia. Often, it also entails sending Asian experts to
help train farmers, fishermen, small business people and other
producers in new techniques for improving their output and
efficiency.
Africa is benefitting from a growing Asian interest in the
continent’s investment opportunities. Because of the high profit
rates that foreign investors can earn in Africa -- combined with
improvements in Africa’s investment codes, privatization of
state enterprises and liberalization of economic management
-- Asian investments began to mount in the early 1990s. To
African exporters, Asia is an enormous market that they have Dr GD Singh
only begun to tap. Asian businesses, in turn, are beginning
to more systematically explore how they can sell their goods
in Africa, especially in countries where economic growth has
been strong. Trade relations between the two continents are
therefore driven by a dynamic of mutual interest.
Trade and Investments in Asian and African Economy Report
Historically,
is a continuous dialogue. It seeks to highlight the Trade and ties between
Investment Climate in the Asian and African Economies. The
report is driven by the belief that Asian and African Economies Africa and Asia are
can build shared prosperity for its citizens.
not new. For centuries,
Against this background, Asian and African Economy Report
aims to provide the key economic indicators and the areas to there was considerable
deepen the Trade and Investment relationship between the
economies by analyzing the historical data and providing key migration and commerce
sectoral analysis for high growth sectors such as Agriculture,
Infrastructure, Consumer Goods, Banking, Oil and Gas,
among societies on
Telecommunication, Automobiles and E-Commerce which
suggests that there is a huge potential for Asian and African
opposite sides of the
Economy to explore further synergies in each of these sectors. Indian Ocean. Trade and
Together, let us work hard towards finding solutions to ensure other economic relations
that economic change does not create new hardships, but
benefits that are widely shared and lead to a better life for all. I between Africa and Asia
welcome your feedback for us to advance our research in these
areas. “existed long before
Thank you. colonialism.
6 Trade & Investment Opportunities In Asian & African Countries, 2020
Message From
VICE
CHAIRMAN
AFRICA
Africa’s integration with Asia plays important roles. It proposes
four major pillars to bring peoples, goods, services, capital
and institutions closer together and help realise the objectives
of the Asia–Africa partnership for sustainable and innovative
development in development and cooperation projects, quality
infrastructure and institutional connectivity, enhancing
capacities and skills; and people-to-people partnership.
These pillars will facilitate and enhance economic growth by
linking economies in Asia and Africa, which in turn will lead
to improvement in various arenas, including institutional and
human capacity; connections between institutions and people;
the planning and execution of projects; trade facilitation;
human resource development; technology improvement; and
infrastructure of the two continents. The idea is to transform
the region into a growth corridor that will embed the
development processes and value chains in Africa and Asia. It
will enable the connected economies to further integrate and
emerge as a globally competitive economic region.
High Prince
Dr Leye Talpha Babalola Asian African Trade and
Investment Report will
highlight the key areas
and opportunities of trade
and investment in these
Trade & Investment Opportunities In Asian & African Countries, 2020
regions. 7
PRESIDENT Foreword
With an ongoing socio-economic tectonic shift, we are truly
amidst an Afro-Asian century. As number of major matrices
indicates, the global socio-economic centre of gravity has
been shifting to the world’s two most populous continents
with enormous human and material resources waiting to be
fully harnessed. At a different level, the two continents are
the decisive battlefields against our planet’s current global
challenges – from climate change to overpopulation, and from
underdevelopment to improved governance.
This is neither to underplay
importance of actions
elsewhere nor to treat
Africa and Asia in mutual
isolation. Indeed, the
world is increasingly
globalised and Africa
and Asia are increasingly Ambassador Mahesh Sachdev
intertwined through trade, Former Indian Ambassador to Algeria and
Norway, High Commissioner to Nigeria;
investments and people-to- President, India, AACCI and Founder
President, Eco-Diplomacy and Strategies
people exchanges
8 Trade & Investment Opportunities In Asian & African Countries, 2020
Message From
DIRECTOR
& CEO Asia’s relationship with African countries can be classified as
both distinguished and unique. Both the economies are driven
by similar factors such as growing GDP, rising per capita
income, among others. Both Asia and Africa have embarked
upon establishing new areas of trade and development.
The partnership in the last few years have vivacious, extending
and touching greater heights in terms of rapidly increasing
trade and investment to technology transfers, knowledge
sharing and skills development.
The untapped opportunities that have been created between
Asian and African countries are profound. With continuous
talks and meets, India has evinced signs of forging a long-
term partnership that will help in promoting sustainable
development, security and a better rapport between the people
of India and Africa.
The report presents the economic indicators, current scenario
Ms Shriya Damani
of Asia and African Economies w.r.t to current import-export
trends across Asia and Africa and what are the possible
opportunities for the same.
I am sure that Asia-Africa Trade and Investments relations will
grow towards new heights in the coming years. I wish all the
success for the Asian African Leadership Forum.
Together we can usher in
a new era that provides us
more Trade and Investment
Opportunities.
Trade & Investment Opportunities In Asian & African Countries, 2020 9
Acknolwedgments The Trade and Investments in Asian and African Economy is prepared for Asian- African Chamber of Commerce and Industry by the team of SkyQuest Technology Consulting Pvt Ltd. Research support and inputs were provided by Dr G.D Singh, Founder and Chairman and Ms Deepa Sharma, Director of Asian - African Chamber of Commerce and Industry, Mr Akash Bhavsar – Managing Director of SkyQuest Technology Group. The Report benefitted from extensive advice from esteemed members of Governing Council and Board Advisory from across Asia and Africa continent active in Trade and Investments in Asian and African Economy. The research and analysis undertaken relies in part on external data. 10 Trade & Investment Opportunities In Asian & African Countries, 2020
Executive Summary
During the last few decade’s Asia – Africa relationship has The report also provides insights to
been built upon bond of friendship and mutual faith beyond which products can be imported and
strategic ties. Both the continents share half of the world’s
population and both continents enjoy favorable GDP. which products can be exported across
the continents based on the historical
India and China are increasingly looking to Africa to data, Foreign Direct Investments, Ease
support their economic growth and strategic interests. Asia’s
of Doing Business. Furtherthe report
increasing footprint has the potential to contribute to African
development and security. African states are also looking also analyzes the key sectors across
to Asia for new sources of investment and development the countries and carries out a PEST
partnerships. Asia and Africa are thus well positioned to build Analysis at a macro-economic continent
mutually valuable partnerships based on the principles of south level. The report concludes on with a
south cooperation. This new trade and investment relationship
recommendation on how Asia and Africa
could be crucial in the struggle to lift millions out of poverty.
a template of lasting mutual resurgence,
To develop a prospective roadmap for Asian and African with transformative impact on the
Exporters and Importers, the determinant factors such as mutating world order and gives an
GDP, top sectors and ease of doing business are examined in
this report and regional level analysis is provided. Through
overview of where and in what to invest
the trade data one can observe Asia’s trade complementarity and trade in both Asianand African
has significantly increased with various African countries. Economies.
Asia’s export pattern has become more aligned with
the import pattern of Africa, which indicates
potential rise in exports towards
African countries.
Trade & Investment Opportunities In Asian & African Countries, 2020 1112 Trade & Investment Opportunities In Asian & African Countries, 2020
List of Tables List of Figures
• Table 1: Emerging and developing Asia: Gross Domestic • Figure 1: Emerging and developing Asia: Gross Domestic
Product (GDP) Product (GDP) from 2014 to 2024
• Table 2: GDP Growth Rate in Asia by region and by country • Figure 2: Exports from Africa in 2018
• Table 3: Real GDP Growth Rate in Africa, by sub region • Figure 3: Top 10 African product categories with greatest
• Table 4: Table 4: GDP Growth in Africa by country export potential to Asia
• Table 5: Top 10 Supplying markets in Africa for the product • Figure 4: Exports from Asia in 2018
imported by Asia • Figure 5: Top 10 Asian product categories with Greatest
• Table 6: Top Products - Africa’s exports to Asia unit Export Potential to Africa
• Table 7: Top 10 African product categories with greatest • Figure 6: Markets with greatest potential for Africa’s exports
export potential to Asia • Figure 7: Markets with greatest potential for Asia’s exports
• Table 8: Top 10 supplying markets in Asia for the product • Figure 8: FDI Inflows for developing Asia by subregion
imported by Africa • Figure 9: Ease of Doing Business Rankings 2020, For top
• Table 9: Top Products - Asia’s exports to Africa FDI Host Economies in Asia
• Table 10: Top 10 Asian product categories with greatest • Figure 10: Ease of Doing Business Rankings 2020, For top
export potential to Africa FDI Host Economies in Africa
• Table 11: Imports, CIF from Africa
• Table 12: Top 10 importing markets in Africa for the product
exported by Asia
• Table 13: Imports, CIF from Emerging and Developing
Abbreviations
Asia
• Table 14: Top 10 importing markets in Asia for the • AAGC: The Asia-Africa Growth Corridor
product exported by Africa • ADO: Asian Development Outlook
• Table 15: PEST Analysis of Africa • AfDB: African Development Bank
• Table 16: PEST Analysis of Asia • ASEAN: Association of Southeast Asian Nations
• Table 17: Trade and Investments • AU: African Union
Opportunities – Report • BRI: Belt and Road Initiative
Overview • CIF: Cost, Insurance, and Freight
• FDI: Foreign Direct Investment
• GDP: Gross Domestic Product
• IMF: International Monetary Fund
• JETRO: Japan External Trade Organization
• M&A: Mergers and Acquisitions
• NGO: Non-Government Organization
• OECD: Organisation for Economic Co-operation and
Development
• PPP: Purchasing Power Parity
• PRC: People’s Republic of China
• SDGs: Sustainable Development Goals
• SSA: Sub-Saharan Africa
• TFP: Total Factor Productivity
• UN: United Nations
Trade & Investment Opportunities In Asian & African Countries, 2020 13CHAPTER 1
Introduction to
During the last two decades Asian and African
Asian Economies have witnessed Economies
rapid economic transformation,
particularly India and China, are
increasingly looking to Africa to
support their economic growth and
strategic interests.
Asia’s increasing footprint has the Developing Asia is forecast to inch up
potential to contribute to African slightly from 5.6 percent in 2019 to 5.8
development and security. African percent in 2020 and 5.9 percent in 2021 .
states are also looking to Asia for new
sources of investment and development The economy of Asia comprises more
partnerships. Asia and Africa are than 4.5 billion people (60% of the world
thus well positioned to build mutually population) living in 49 different nations.
valuable partnerships based on the Asia is the fastest growing economic
principles of southsouth cooperation. region, as well as the largest continental
economy by both GDP Nominal and PPP
Both Asia and Africa also face in the world. Moreover, Asia is the site
comparable challenges of establishing of some of the world’s longest modern
equitable and sustainable growth, economic booms. As in all world regions,
improving governance and institutions, the wealth of Asia differs widely between,
and negotiating a parallel range of and within, states. This is due to its vast
traditional and non-traditional security size, meaning a huge range of different
risks. cultures, environments, historical ties
and government systems. The largest
Brief background and economy economies in Asia in terms of PPP gross
of Asian Economy domestic product (GDP) China, India,
Japan, Indonesia, Turkey, SouthKorea,
According to World Economic
SaudiArabia, Iran, Thailand and Taiwan
Outlook 2020, growth in Emerging and
and in terms of nominal gross domestic
14 Trade & Investment Opportunities In Asian & African Countries, 2020product (GDP) are China, Japan, India, advanced-economy status. And whereas share (more than half) of GDP growth
SouthKorea, Indonesia, SaudiArabia, the region used to be almost entirely dynamics than consumption .
Turkey, Taiwan, Thailand and Iran dependent on foreign know-how, several
of its economies are now on the cutting Africa will only experience a
Total wealth is mainly concentrated edge of technological advance. Even “demographic dividend” by 2035, when
in East Asia, India and Southeast Asia more striking, all of this has happened its young and growing labour force
while if measured by GDP per capita) within just a couple of generations, the will have fewer children and retired
is mostly concentrated in the East Asia product of a winning mix of integration people as dependents as a proportion
in Japan, South Korea, Taiwan, Hong with the global economy via trade and of the population, making it more
Kong, Macau, Singapore, and Brunei, as foreign direct investment (FDI), high demographically comparable to the
well as in oil rich countries in West Asia savings rates, large investments in US and Europe. It is becoming a more
such as Saudi Arabia, Qatar, United Arab human and physical capital, and sound educated labour force, with nearly half
Emirates, Bahrain, Kuwait, and Oman, macroeconomic policies. expected to have some secondary-level
Israel lesser extent Turkey are exceptions: education by 2020. A consumer class is
both lie in the territory of Asia despite Brief background and economy also emerging in Africa and is expected
not often being counted as such. Israel of African Economy to keep booming.
(entrepreneurship on diversified
industries) is a developed country, while Economic growth in
Turkey (founding member of OECD) is
an advanced emerging country. Asia,
Africa is estimated at
with the exception of Japan (heavy 3.4 percent for 2019,
industry and electrical sophistication), about the same as in
South Korea (heavy industry and
information and communication 2018. Although stable,
technology), Taiwan (light industry and this rate is below the
hi-tech parts manufacturing), Hong
Kong (financial industry and services)
decadal average of 5
and Singapore (high-tech manufacturing, percent growth for the
biotechnology, financial and business region.
services, and tourism governed by Casino
Regulatory Authority of Singapore) in
recent years, is currently undergoing
The economy of Africa consists of the
trade, industry, agriculture, and human
Africa has around
rapid growth and industrialization, resources of the continent. As of 2019, 90 million people
and China (manufacturing and FDI-
led growth) and India (commodities,
approximately 1.3 billion people were
living in 54 different countries in Africa. with household
outsourcing destination and computer
software), the two fastest growing major
Africa is a resource-rich continent.
Recent growth has been due to growth
incomes exceeding
economies in the world. in sales in commodities, services, and $5,000, meaning
East Asian and ASEAN countries
manufacturing. West Africa, East Africa,
Central Africa and Southern Africa that they can
generally rely on manufacturing and
trade (and then gradually upgrade
in particular, are expected to reach a
combined GDP (PPP) of $29 trillion by
direct more than
to industry and commerce), and 2050 . half of their
incrementally building on high-tech
industry and financial industry for In March 2013, Africa was identified as income towards
growth, countries in the Middle East
depend more on engineering to overcome
the world’s poorest inhabited continent:
Africa’s entire combined GDP is barely a
discretionary
climate difficulties for economic growth third of the United States’ GDP; however, spending rather
and the production of commodities, the World Bank expects that most
principally Sweet crude oil. Over the African countries will reach “middle than necessities.
years, with rapid economic growth and
large trade surplus with the rest of the
income” status (defined as at least
US$1,000 per person a year) by 2025 if
This number could
world, Asia has accumulated over US$8.5 current growth rates continue. In 2013, reach a projected
trillions of foreign exchange reserves – Africa was the world’s fastest-growing
more than half of the world’s total, and continent at 5.6% a year and GDP is 128 million by
adding tertiary and quaternary sectors to
expand in the share of Asia’s economy.
expected to rise by an average of over 6%
a year between 2013 and 2023.
2020.
Overall Asia has achieved remarkable Growth’s fundamentals have improved,
economic success over the past five as its drivers are gradually shifting
decades. Hundreds of millions of people toward investments and net exports, and
have been lifted out of poverty, and away from private consumption. In 2019,
successive waves of economies have made for the first time in a decade, investment
the transition to middle-income and even expenditure accounts for a larger
Trade & Investment Opportunities In Asian & African Countries, 2020 15CHAPTER 2
Economic ASIAN ECONOMY OUTLOOK Asia’s development in a way that is
Outlook equitable and designed to solve a host of
In 2020 Asia’s GDP will overtake the social and economic problems.
GDP of the rest of the world combined.
By 2030, the region is expected to Gross domestic product (GDP) of
contribute roughly 60% of global growth. emerging and developing countries
Asia-Pacific will also be responsible for in Asia is expected to reach over 30.2
the overwhelming majority (90%) of the trillion U.S. dollars by 2024 (Figure
2.4 billion new members of the middle 1, Table 1). This would be double the
class entering the global economy. GDP from a decade earlier, which
was about 15.1 trillion U.S. dollars.
The bulk of that growth will come from Emerging and developing economies
the developing markets of China, India are the second-largest source of global
and throughout South-East Asia and it GDP. The region’s GDP generally comes
will give rise to a host of new decisions from manufacturing and trade, as well
for businesses, governments and NGOs. as growing financial industries and
The pressure will be on them to guide international commercevi.
Table 1 and Figure 1
Emerging and developing Asia: Gross domestic product (GDP) from 2014 to 2024 (in billion USD)
35000
30000
25000
20000
15000
10000
15,133.08
15,847.66
16,160.82
17,579.64
19,133.35
20,318.04
21,955.58
23,838.50
25,836.39
27,978.43
30,289.20
5000
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
0
Source: IMF, October 2019
Growth in Asia is moderating but remains robust (Table 2). As global trade slows and
investment weakens, regional growth forecasts are trimmed by 0.3 percentage points
for 2019 and by 0.1 points for 2020. Expansion in the region is projected to slow from
5.9% in 2018 to 5.4% this year, recovering somewhat to 5.5% next year. Excluding
high-income newly industrialized economies, regional growth is expected to slow
from 6.4% last year to 6.0% this year and next.
16 Trade & Investment Opportunities In Asian & African Countries, 2020Outlook by subregionvii to 7.2% growth in fiscal 2020 and and larger ones for Tajikistan and
join most other subregional countries Uzbekistan. The forecast for inflation
Growth forecasts for developing Asia in performing at or near their ADO in 2019 is revised up from 7.8% to 8.0%
are revised down: Projections for 2019 2019 growth forecasts for next year. In because cuts to subsidies, rising import
are downgraded for 17 economies, Pakistan, though, growth in 2020 is prices, foreign exchange shortages, and
upgraded for 11, and maintained for 17. now forecast lower as the government expansionary credit have stoked inflation
The downgrades are concentrated in implements a comprehensive program in Turkmenistan. This increase offsets—
East, South, and Southeast Asia—which of macroeconomic and structural along with higher inflation projections
together account for 98% of developing reform to stabilize the economy. For for Georgia and Tajikistan that reflect
Asia’s GDP—while the upgrades are Sri Lanka, 2019 and 2020 growth accelerating prices in the first half of
mainly for Central Asia and the Pacific. Highlights forecasts are marked down the year—slightly lowered forecasts for
because terror bombings in April 2019 Kazakhstan and Uzbekistan. The forecast
East Asia will see deepening economic
caused tourism to fall sharply. The 2019 for sub regional inflation in 2020 is raised
malaise take its toll: Affected by global
South Asia inflation forecast is lowered, from 7.2% to 7.4%.
conditions, growth in the subregion is
largely reflecting unexpectedly low food
expected to slow from 6.0% in 2018 to
prices in India, but the forecast for 2020
5.5% in 2019 and 5.4% in 2020. Growth
is maintained.
in the PRC will slip from 6.6% last year
to 6.2% in 2019 and 6.0% in 2020—below Southeast Asia slows more than earlier
previous projections—with increased anticipated: The sub regional growth
government spending and a strong forecast is revised down from 4.9% to
housing market partly offsetting the 4.5% for this year and from 5.0% to 4.7%
impact of the trade dispute with the US for next year. Forecasts are downgraded
and sluggish manufacturing investment. for half of the 10 economies in the
In Hong Kong, China, recent political subregion and unchanged for the other
tensions, spillover from the trade conflict, half. With escalation in the US–PRC
and the global electronics downturn trade conflict, weakening global activity
will slow growth in 2019 and 2020 well and trade, and a downturn in the
below ADO 2019 projections. External electronics cycle, a significant export
headwinds lower growth forecasts for the slowdown in the first half of the year hit
Republic of Korea as well, but in Taipei, the whole subregion except Cambodia.
China higher government spending will Softening domestic investment
keep growth in line with ADO 2019 exacerbated export woes in most larger
projections. The growth forecast for subregion economies—Indonesia,
Mongolia remains unchanged for 2019 Malaysia, the Philippines, Singapore, and
with continuing dynamism in mining, Thailand—but domestic consumption
but is lowered for 2020 as mining held up well to cushion the slowdown.
investment moderates. Rising food prices The downward revision for growth
in the PRC will push inflation in East is paralleled by one for the inflation
Asia higher than forecast in April, to forecasts.
2.3% in 2019, easing to 2.1% in 2020.
Central Asia is now forecast to
South Asia’s growth momentum has accelerate: Growth forecasts for the
softened: Growth forecasts are lowered subregion are revised up from 4.2% to
to 6.2% for 2019 and 6.7% for 2020. 4.4% in 2019 and from 4.2% to 4.3% in
India’s growth forecast for fiscal year 2020. Increased government spending
2019 is lowered to 6.5% after growth has boosted growth in Kazakhstan,
slowed markedly to 5.0% in the first while a substantial rise in investment
quarter, April–June. Abrupt declines in raises prospects for Uzbekistan. These
manufacturing and investment reflect revisions and higher growth projections
uncertainty ahead of general elections, for Armenia and Azerbaijan more
subdued lending by banks and other than offset slower growth prospects
financial institutions, stress in the rural for Georgia. Growth in 2020 is now
economy, and a weakening external projected at 4.3%, revised up from 4.2%
outlook. India is expected to rebound on a small upgrade for Kazakhstan
Trade & Investment Opportunities In Asian & African Countries, 2020 17Table 2
GDP Growth Rate in Asia by Region and by Country
Subregion/ Growth Rate of GDP Subregion/ Growth Rate of GDP
Economy Economy
2018 2019* 2020* 2018 2019* 2020*
Central Asia 4.3 4.4 4.3 Southeast Asia 5.1 4.5 4.7
Brunei
Armenia 5.2 4.8 4.5 0.1 1 1.5
Darussalam
Azerbaijan 1.4 2.6 2.4 Cambodia 7.5 7 6.8
Georgia 4.7 4.7 4.6 Indonesia 5.2 5.1 5.2
Lao People’s Dem.
Kazakhstan 4.1 3.7 3.4 6.3 6.2 6.2
Rep.
Kyrgyz Republic 3.5 4 4.4 Malaysia 4.7 4.5 4.7
Tajikistan 7.3 7 7 Myanmar 6.8 6.6 6.8
Turkmenistan 6.2 6 5.8 Philippines 6.2 6 6.2
Uzbekistan 5.1 5.8 6 Singapore 3.1 0.7 1.4
East Asia 6 5.5 5.4 Thailand 4.1 3 3.2
Hong Kong, Viet Nam 7.1 6.8 6.7
3 0.3 1.5
China
Mongolia 6.8 6.7 6.1 The Pacific 0.4 4.2 2.6
China 6.6 6.1 6.0 Cook Islands 8.9 4.2 4.5
Federated States
Republic of Korea 2.7 2.1 2.4 0.4 2.7 2.5
of Micronesia
Taipei,China 2.6 2.2 2 Fiji 3.5 2.9 3.2
South Asia 6.6 6.2 6.7 Kiribati 2.3 2.3 2.3
Afghanistan 2.7 2.7 3.4 Marshall Islands 2.5 2.3 2.2
Bangladesh 7.9 8.1 8 Nauru -2.4 -0.5 0.1
Bhutan 5.5 5.3 6 Palau 1.5 -0.5 1
Papua New
India 6.8 4.8 5.8 -0.6 4.8 2.1
Guinea
Maldives 7.6 6.5 6.3 Samoa -2.2 2.5 3.5
Nepal 6.7 7.1 6.3 Solomon Islands 3.8 2.8 2.7
Pakistan 5.5 3.3 2.8 Timor-Leste -0.5 4.8 5.4
Sri Lanka 3.2 2.6 3.5 Tonga 0.4 1.6 2.5
Tuvalu 4.3 4.1 4.4
Emerging and Developing Asia
2018: 6.4 | 2019*: 5.6 | 2020*: 5.8 Vanuatu 3.2 3 2.8
SOURCE: IMF, 2019 and 2020 | *Forecasted
18 Trade & Investment Opportunities In Asian & African Countries, 2020AFRICA ECONOMY OUTLOOK supported by recovering commodity
2018 because of higher oil production
prices and higher agricultural output.
According to African Economic Outlook East Africa, the fastest growing region: Is Several countries have reduced public
2020 - Africa’s economic growth has projected to achieve growth of 5.0 percent spending, including on investment, to
stabilized at 3.4 percent in 2019 and is in 2019 and 6.1 percent in 2020. Between restore debt sustainability. After rapid
expected to pick up to 3.9 percent in 2020 2010 and 2018, growth averaged almost 6 growth, Equatorial Guinea’s economy
and 4.1 percent in 2021 but to remain percent, with Djibouti, Ethiopia, Rwanda, has been shrinking since 2013 as oil
below historical highs. and Tanzania recording above-average production declines and the nonoil
rates. But in several countries, notably sector has been too weak to compensate.
Growth’s fundamentals are also Burundi and Comoros, growth remains In 2018, its real GDP was about a third
improving, with a gradual shift from weak due to political uncertainty. In below its level six years ago.
private consumption toward investment South Sudan, GDP continues to fall due
and exports. For the first time in a to political and military conflicts and Growth in Southern Africa is expected
decade, investment accounted for more because the 2015 peace agreement has to remain slow: In 2019 and 2020 after
than half the continent’s growth, with not been implemented. a modest recovery in 2017 and 2018.
private consumption accounting for less Southern Africa’s subdued growth is
than one third. West Africa saw high growth until 2014: due mainly todevastation of cyclones
But an economic slowdown followed due Idai and Kenneth.South Africa’s weak
The 2020 Outlook highlights, however, to the sharp drop in commodity prices performance, which affects neighboring
that growth has been less than inclusive. and the Ebola crisis. Nigeria, Africa’s
countries. Low public and private
Only about a third of African countries largest economy and largest oil exporter, investment and risks of lower sovereign
achieved inclusive growth, reducing both fell into recession in 2016. Its gradual
credit ratings are weighing on growth
poverty and inequality. recovery in 2017 and 2018, helped by the in the region. In Botswana, growth
rebound of oil prices, is restoring growth accelerated due to improved diamond
Outlook by subregion
in the region. Other countries—including trade, services and investment, the
(Table 3 and 4)
Benin, Burkina Faso, Côte d’Ivoire, recovery of agriculture after the drought,
North Africa leads the growth recovery: Ghana, Guinea, and Senegal—have seen and the expansionary fiscal policy
Of Africa’s projected 4 percent growth in growth of at least 5 percent in the past and accommodative monetary policy
2019, North Africa is expected to account two years and are projected to maintain it resulting from moderate inflation.
for 1.6 percentage points, or 40 percent. in 2019 and 2020. Mauritius also continues its steady
But average GDP growth in North Africa growth, driven mainly by strong
Growth in Central Africa is gradually
is erratic because of Libya’s unstable consumption and higher exports,
recovering: But remains below the
development. After declining for three including tourism.
average for Africa as a whole. It is
years, Libya’s GDP increased in 2017 and
Table 3
Real GDP growth rate in
Africa, by Sub region
2018 2019 2020
(Estimated) (Estimated) (Estimated)
Central Africa 2.2 3.2** 3.5
East Africa 5.7 5.0** 6.1
North Africa 4.3 4.1** 4.3
Southern Africa 1.2 0.7** 2.8
West Africa 3.3 3.7** 3.6
Africa 3.4 3.4** 3.9*
Excluding Libya 3.5 3.9 4.1
GDP per capita 1.1 1.5 1.6
Source: African Economic Outlook, 2019and 2020**.
Trade & Investment Opportunities In Asian & African Countries, 2020 19Table 4
GDP Growth in Africa by Country
Subregion/ Growth Rate of GDP Subregion/ Growth Rate of GDP
Economy Economy
2018 2019* 2020* 2021** 2018 2019* 2020* 2021**
Angola -1.2 -0.3 1.2 2.3 Madagascar 5.2 5.2 5.3 5.1
Benin 6.7 6.6 6.7 6.6 Malawi 3.2 4.5 5.1 5.5
Botswana 4.5 3.5 4.3 5.1 Mali 4.7 5 5 4.9
Cameroon 4.1 4 4.0** 3.4 Mauritius 3.8 3.7 3.8 4
Central African Mozambique 3.3 1.8 6 4
3.8 4.5 4.8** 5
Rep.
Chad 2.4 2.3 5.5** 4.9 Namibia -0.1 -0.2 1.6 2.4
Congo, Demo. Niger 6.5 6.3 6 5.5
5.8 4.3 3.9 3.4
Rep.
Cote d'Ivoire 7.4 7.5 7.3 7.1 Nigeria 1.9 2.3 2.5 3.3
Equatorial Rwanda 8.6 7.8 8.1 8.2
-5.7 -4.6 -5 -3.3
Guinea
Eritrea 12.2 3.1 3.9 4 Senegal 6.7 6 6.8 6.8
Eswatini, Seychelles 4.1 3.5 3.3 4.2
2.4 1.3 0.5 -
Kingdom of
Ethiopia 7.7 7.4 7.2 7.1 Sierra Leone 3.5 5 4.7 5.1
Gabon 0.8 2.9 3.4 3.6 South Africa 0.8 0.4 0.8 1.8
Gambia 6.5 6.5 6.4 5.0 South Sudan -1.1 7.9 8.2 6.1
Ghana 6.3 7.5 5.6 4.8 Tanzania 7 5.2 5.7 6.6
Guinea 5.8 5.9 6 6 Togo 4.9 5.1 5.3 5.5
Guinea-Bissau 3.8 4.6 4.9 5.1 Uganda 6.1 6.2 6.2 6.1
Kenya 6.3 5.6 6 6.2 Zambia 3.7 2 1.7 2.9
Liberia 1.2 0.4 1.6 1.3 Zimbabwe 3.5 -7.1 2.7 5.6
Source: African Economic Outlook – 2019 and IMF 2020 | *Forecasted | ** African Economic Outlook 2020 Estimates
20 Trade & Investment Opportunities In Asian & African Countries, 2020Trade & Investment Opportunities In Asian & African Countries, 2020 21
TOP SECTORS IN AFRICA continent, now home to more than 1.2
billion people, will account for one-
Agriculture fifth of the world’s population by 2025
The African agricultural sector is set to . More and more Africans are entering
experience exponential growth over the the consumer class, with tens of millions
next decade, While Africa holds more emerging from poverty in recent years.
than 60% of the world’s arable land, the Africans are generally highly brand-
continent’s share in global agricultural loyal consumers. Fast-moving consumer
production remains low. Vast areas of goods—low-cost products with a short CHAPTER 3
1
land are uncultivated, and productivity shelf life that are constantly in high Top Sectoral to
Introduction
is lower than in much of the rest of the demand—present the opportunity for
world. Nevertheless, farming is key for
Asian & African
Analysis
existing brands to strengthen their
the majority of African economies and Economies
accounts for at least 15% of the region’s
GDP. In addition, around two-thirds
of the African population is employed
within the sector, the vast majority
working on small-scale farmsthat
currently produce around 90% of all
output. For the Agriculture sector to
grow exponentially it would happen
through its continued investments
in the factors inhibiting growth in
Africa such as structural, financial and
infrastructural challengesviii.
Banking
Africa’s banking sector has grown
rapidly in the last decade. Sub-Saharan
Africa has become a substantial player
in emerging-market banking, with
total 2008 assets of $669 billion, while
North Africa’s asset base has grown
substantially, to $497 billion. Africa’s
banking assets thus compare favorably
with those in other emerging markets,
such as Russia (with $995 billion). Almost
50 percent of the growth at Africa’s
largest banks came from portfolio
momentum—the market’s natural
increase—compared with only about consumer base with unique advertising will require an investment of about
17 percent from inorganic (or M&A- and expansion of distribution. This $130-$170 billion in new infrastructure
driven) sources. Almost 50 percent of the sector will also cater to the majority, every year to meet its infrastructure gap
growth at Africa’s largest banks came low-income tier of buyers and middle- . High-quality infrastructure is essential
from portfolio momentum—the market’s class households, which will collectively for Africa to achieve the Sustainable
natural increase—compared with have disposable incomes of almost $680 Development Goals (SDGs) of the
only about 17 percent from inorganic billion by 2020. Food, beverages, hygiene United Nations (UN), Agenda 2063 of
(or M&A-driven) sources. Financial products, home care, and appliances have the African Union (AU), and the High
reforms have largely enabled this growth. all exhibited growth in sales within the Five Goals of the African Development
Nigerian banking reform promoted a past decade. Bank (AfDB). It is needed for raising
swift consolidation (from 89 to 25 banks economic productivity and sustaining
between 2004 and 2006) that unlocked Infrastructure economic growth. Good infrastructure
the sector’s potential—bigger banks with The story of Africa’s development is has an impact on growth directly and
better capabilities could drive down their changing. Six of the world’s fastest indirectly. It increases total factor
costs, allowing them to penetrate a larger growing economies are in Africa! productivity (TFP) directly because
portion of the unbanked population and Democratic governance has been infrastructure services enter production
to ride on the back of rapid economic strengthened over the past five decades, as an input and have an immediate
growth xi. enabling a platform for stable growth and impact on the productivity of enterprises.
prosperity in most parts of the continent It thus fosters aggregate economic
Consumer Goods . Meeting Africa’s infrastructure needs output given its contribution, on its own,
Over the past few years, business leaders and developing cost-effective modes of to GDP thus Africa has a compelling
and investors have become increasingly infrastructure service delivery require case for accelerating infrastructure
aware of the vast potential in Africa’s a massive investment program in the development xiii.
burgeoning consumer market. The continent. It is estimated that Africa
22 Trade & Investment Opportunities In Asian & African Countries, 2020Mining up a plethora of business opportunities.
The African continent is home to an Oil and Gas Among all other continents, Africa has
abundance of natural resources including Africa’s oil and gas industry holds the been the fastest growing mobile market
diamonds, cobalt, oil, natural gas, copper, potential for further growth mainly during the past five years, with more
and gold among others.Its a major hub of driven by an increase in investor appetite than 170 million mobile users. Mobile
mineral mining in the world, Africa has and a rebound in prices. The African oil telephony has had a significant impact
a vast and booming mining industry. The and gas sector is moving from a cycle on economic growth, which in many
industry not only provides employment of stagnation in exploration, capital African countries is twice as high as in
to millions of African citizens, it is also expenditure spend and production developed countries. Mobile telephony
an important source of earnings to between 2014-2018 in the wake of the oil has had a significant impact on economic
most African nations through export. price crash, to a more dynamic growth growth, which in many African countries
The industry is also a major contributor phase. Renewed optimism has returned is twice as high as in developed countries.
When compared with other continents,
the growth of the telecom sector in
Africa looks far more promising.
While other continents have reached a
saturation point in the growth of revenue
and subscribers, Africa opens up fresh
opportunities and positive market trends.
Furthermore, Africa is still opening
its gates to development, and the
economic growth brought about by the
telecommunication sector has further
contributed to making it a profitable
investment opportunity. Apart from
the privatization, the growth in the
market has been primarily driven by
the subsidization of handsets, affordable
prepaid plans, and provision of 3G and
4G services. Future growth in the market
is expected to be driven by factors like
better network coverage, lower cost of
handsets and call prices, and improved
mobile data connectivity xvi.
TOP SECTORS IN ASIA
Automobiles
Asia’s automobile sector is set to see
continued growth, particularly from
to social and economic integration to Africa’s oil and gas industry on the
its largest markets in Thailand and
throughout the continent. Rich in mining back of a rebound in prices and increased
Indonesia. The industry is still dominated
opportunities, Africa continues to grow investor interest. During the downturn
by Japanese OEMs that have well-
its importance as a leading investment the industry restructured itself for
established local supply chains across
frontier for international mining firms. improved efficiency and performance
the region. The growing automobile
With massive mineral reserves – that and is fitter for this new future. Oil and
sector in Asia offers vast opportunities
equate to about 30% of the world’s total gas companies are better placed now to
for investments for manufacturers and
mineral wealth – the continent offers take advantage of shifting geopolitics
distributors of automobile components.
unmatched mining opportunities across and trade patterns, new resource finds, a
Automobile manufacturing and
a wide range of metals and minerals. transitioning and ddecarbonizing global
production have skyrocketed in recent
Despite these riches, Africa represents energy mix, technological improvements,
years, most notably in Thailand,
only around 8% of the world’s total maturing regulatory environments
Indonesia, Vietnam, and Malaysia.
mineral production. This points a mining and improved governance in some
Although these nations have all focused
industry that is yet to develop to its true countries .xv
on automotive sector development,
potential.
the particular economic niches and
Long plagued by strife and instability, Telecommunications consumer bases differ greatly between
African countries are now working hard The African telecommunications them xvii.
to remove the impediments that have sector is poised at a digital revolution.
Over the past decade many OEMs had
traditionally discouraged investors, Since its liberalization in the 1980s,
strategies that focused on emerging
creating economic and legal frameworks the involvement of multinational
markets that had obvious growth
that comprise a more attractive conglomerates has promoted a healthy
potential, notably China, India and
environment to exploit Africa’s mining competition which led to its flourishing.
Brazil. As they review their growth
opportunities .xiv
The telecom sector in Africa has opened
Trade & Investment Opportunities In Asian & African Countries, 2020 23interest from investors and corporates;
but a concerted effort will be needed to
fully unlock the investment potential.
E-Commerce
Is a rapidly expanding market in
Asia, with a growth rate in revenue
of approximately 10.7% per annum
according to Statista. This is largely down
to the expansion of the middle classes
in the region as well as strong economic
gains in China. The region also sees some
of the highest mobile penetration rates
on the planet, giving them easy access to
online shopping opportunities.
The scale and growth rate of ecommerce
in Asia really sets it apart from other
parts of the globe. China alone is the
largest ecommerce market in the world.
This year, China’s predicted total revenue
is said to reach$1 trillion, and by 2020
the market is expected to be larger than
the USA, Japan, the UK, Germany and
France combined.
strategies, India is also strong,the Indian
the case for investment ecommerce market is expected to grow to
in one of the world’s most dynamic $200 billion by 2026. India’s ecommerce
automotive clusters – Asia – becomes middle- revenue is growing at an annual rate
most compelling. class of 51%, making it the highest in the
population world.Thanks to digital transformation,
However foreign investors looking to
will reside in Asia.2 ecommerce in other Asian countries
invest in this industry require strong
These consumers will such as Indonesia, Malaysia, Philippines,
market understanding and a long-term
ask more of their food Singapore, Thailand, or Vietnam is also
view with regards to the resources
supply chains, seeking highly growing exponentially.
needed to penetrate the competitive
nutritious, fresh and safe produce
ASEAN automobile market. Infrastructure
delivered conveniently and on
demand. They will also pay a premium Infrastructure is central to development
Food and Agriculture
to businesses able to deliver on this . in emerging Asia. There are
Asia’s food and agricultural industry
A cumulative investment requirement significantinfrastructure opportunities,
will undergo significant change over the
of US$800 billion above existing levels and cross-border infrastructure in
next decade in response to population
over the next 10 years. The majority of particular can bring about trade and
growth and changing consumer
this (around US$550 billion) will help development that supports income
requirements, coupled with the major
to satisfy demand for better-quality growth such as
challenges presented by climate change
and environmental degradation. Asia is food (including safer, healthier and • Increased regional rail
experiencing far-reaching demographic more sustainable food). The remainder connectivity in Central Asia
change. By 2030, Asia’s population will (around US$250 billion) will drive has the potential to bring about
be 250 million larger, the equivalent increased quantities of food to feed
Asia’s growing population. Overall, these more Europe-China trade and
of another Indonesia. The growing
population will increasingly reside in numbers imply a total annual investment integrate Central Asia with
megacities: Asia is urbanising faster than requirement of US$290 billion in 2030 other regions
any other region and will house all of the across Asia, a significant increase • Information and
world’s expected three 30 million+ cities from the current US$130 billion. The communications technology
by 2030. By 2030, 65% of the world’s magnitude of this opportunity will draw
(ICT) is a key enabler to
24 Trade & Investment Opportunities In Asian & African Countries, 2020facilitate trade and integration. the demand of specialty chemicals in
Technological improvements, the region. Further In order to facilitate
rapid industrialization and improving
such as the distributed ledger lifestyle, almost all Asian countries are
technology or applying artificial focusing on infrastructure development.
intelligence to logistics, hold The infrastructure projects include
promise to greatly improve on existing construction of commercial and
facilitation residential buildings, hospitals, schools,
malls, shopping complexes, warehouse,
Chemicals manufacturing facilities, roads, highways
The rapidly growing population; and railroads. Chemicals are used in
increasing growing middle-class the construction industry in the form of
population in the region; and rising resins, pigments, surfactants, coatings,
industrialization in the field of food, paints, varnishes, additives, sealants and
agriculture, cosmetics, and many other adhesives, and others. Thus, increasing
manufacturing sectors, are propelling construction activities is driving the
demand of these chemicals in the region,
creating growth opportunities for
Chemicals market.
Trade & Investment Opportunities In Asian & African Countries, 2020 25The recent boom in developing country
commerce between Africa and Asia epitomizes
the explosion of South-South trade. These
trade flows are driven by the burgeoning
middle classes in Asia’s emerging economic
giants—China and India—whose appetite
for Africa’s commodities is growing,
and by rising economic growth
in sub-Saharan Africa (SSA), CHAPTER 4
which is increasing the Import Export Trends
demand for Asian and Opportunities
manufactured
goods.
IMPORT EXPORT Figure 2
TRENDS AND Exports from africa in 2018
OPPORTUNITIES -
AFRICA
The total value of exports
from Africa were worth
US $ 49,91,91,181 in 2018 37% Export in Asia
US$
(Figure 2) out of which 49,91,91,18 63% Export in Other
products worth USD
Continent
185,988,473 were exported
to Asia, which accounted Source: ITC Trade Map, 2019
for 37% of the total exports.
26 Trade & Investment Opportunities In Asian & African Countries, 2020Top supplying markets in Africa for the product imported by Asia are Angola, South Africa and Nigeria which accounted for 41%
of the aggregate African Supply which was USD 76269832 (Dollar Thousand)
Table 5
Top 10 Supplying markets in Africa for the product imported by Asia (Unit: US Dollar Thousand)
Exporters Exported Exported Exported Exported Exported
value value value value value in
in 2014 in 2015 in 2016 in 2017 2018
Angola 3,68,58,341 2,02,49,883 1,91,77,749 2,70,29,204 3,20,19,255
South Africa 2,80,99,040 2,34,32,001 2,23,01,017 2,86,56,250 2,95,90,350
Nigeria 2,83,10,244 1,46,19,572 96,53,948 1,20,34,154 1,46,60,227
Egypt 1,17,47,401 95,47,853 1,10,07,092 1,18,01,244 1,19,88,766
Congo 28,68,895 41,96,681 38,13,373 30,91,223 95,74,804
Libya, State of 28,13,506 28,36,968 39,15,215 45,23,514 82,70,119
Congo, Democratic Republic of the 48,49,487 42,97,532 35,19,382 52,27,037 82,55,189
Ghana 55,61,292 61,36,556 51,79,768 70,36,775 82,12,084
Algeria 88,58,878 48,98,271 38,12,108 60,07,000 74,83,351
Guinea 7,13,178 4,72,837 24,39,382 52,33,257 52,46,122
Source: ITC Trade Map, 2019
Top products supplied to Asia from Africa were Mineral Fuels, Natural or Cultured Pearls, Ores, Slag and Ash
Table 6
Top Products - Africa’s exports to Asia Unit : US Dollar thousand
Product label Value Product label Value
Mineral fuels, mineral
2016: 4,65,70,109 2016: 30,15,040
oils and products of their
2017: 6,86,54,122 Iron and steel 2017: 32,83,430
distillation; bituminous
2018: 8,96,04,033 2018: 37,21,199
substances
Natural or cultured
2016: 2,01,13,589 2016: 9,10,927
pearls, precious or semi- Other base metals;
2017: 2,30,21,964 2017: 21,04,242
precious stones, precious cermets; articles thereof
2018: 2,47,24,509 2018: 36,45,031
metals, metals clad
2016: 87,24,394 2016: 11,49,356
Cocoa and cocoa
Ores, slag and ash 2017: 1,29,40,242 2017: 14,61,947
preparations
2018: 1,51,33,512 2018: 24,16,553
2016: 53,19,552 2016: 19,69,506
Copper and articles Wood and articles of
2017: 51,18,847 2017: 16,22,162
thereof wood; wood charcoal
2018: 91,49,571 2018: 23,73,515
Inorganic chemicals;
2016: 45,20,704 2016: 15,77,292
Edible fruit and nuts; peel organic or inorganic
2017: 46,92,624 2017: 15,80,045
of citrus fruit or melons compounds of precious
2018: 44,61,866 2018: 23,21,087
metals, of rare-earth metals
Source: ITC Trade Map, 2019
Trade & Investment Opportunities In Asian & African Countries, 2020 27Export Potentialand Opportunities
The below table shows products with greatest export potential
While Africa faces tremendous challenges on the road to from Africa to Asia are Other metals, Nuts, and Wood and
integration into the world trading system, there is more to vegetable material. Other metals shows the largest absolute
Africa’s trade performance than meets the eye. There are vast difference between potential and actual exports in value terms,
opportunities in Africa - home to the world’s largest free trade leaving room to realize additional exports worth $8.9 bn
area and a 1.2 billion-person market. (Table 7, Figure 3).
Table 7
Top 10 African product categories with greatest export potential to Asia
Product Export Potential Actual Exports Untapped Potential
Other Metals $20.4 bn $12.8 bn $8.9 bn
Nuts $7.4 bn $3.0 bn $4.5 bn
Ferrous Metals $4.9 bn $3.3 bn $2.3 bn
Precious Metals $4.0 bn $2.3 bn $2.0 bn
Wood and Vegetable Material $5.1 bn $3.1 bn $2.6 bn
Cocoa Beans and products $3.7 bn $1.7 bn $2.1 bn
Fruits $3.5 bn $1.9 bn $2.1 bn
Chemicals $5.1 bn $3.2 bn $2.7 bn
Machinery $3.0 bn $1.0 bn $2.4 bn
Oil Seeds $2.8 bn $1.9 bn $1.3 bn
Source: ITC Export Potential, 2019
Figure 3
Top 10 African product categories with greatest export potential to Asia
%
%
50
43
L:
49%
S:
%
RIA
R METALS: 56%
T
O U S M ETALS: 54
NS & PRODUC
%
%
E TA B L E M AT E
%
S M E TA L S :
IC ALS: 47
3
1
%
I N E R Y: 2
N U TS: 39 %
E D S: 5
4 1
Realized Potential:
I T S :
Export Potential:
SE
FRU
CH
EM
CIO U
OTHE
EG
BEA
A
IL
R
CH
M O
FER
&V
PRE
A
CO
OD
CO
O
W
Source:
ITC Export
Potential,
2019
28 Trade & Investment Opportunities In Asian & African Countries, 2020EXPORT Figure 4
TRENDS and exports from asia in 2018 (us $ Thousand
OPPORTUNITIES
- ASIA
The total value of
exports from Asia
were worth US $
7,983,975,462 in 03% Export in Africa
2018 out of which US$
products worth USD 7,983,975,462 97% Export in Other
238,553,756 were Continent
exported to Africa,
which accounted
for 3% of the total
Source: ITC Trade Map, 2019
exports (Figure 4).
Top supplying markets in Asia for the
product imported by Africa are China,
India and UAE which accounted for 41%
of the aggregate African Supply which
was USD 238553756 (Dollar Thousand)
in 2018 (Table 8).
Table 8
Top 10 supplying markets in Asia for the product imported by Africa Unit : US Dollar thousand
Exporters Exported Exported Exported Exported Exported
value value value value value in
in 2014 in 2015 in 2016 in 2017 2018
China 10,58,49,379 10,83,26,868 9,20,43,634 9,45,19,260 10,49,59,050
India 3,46,29,975 2,56,40,346 2,26,14,602 2,43,76,748 2,69,52,962
United Arab Emirates 2,10,75,895 95,90,568 80,66,411 1,82,24,484 2,33,49,121
Turkey 1,37,50,963 1,24,44,677 1,14,02,304 1,16,68,587 1,44,44,283
Korea, Republic of 1,50,82,274 1,17,26,122 1,31,16,238 1,08,23,784 1,01,42,369
Japan 1,04,16,646 85,28,330 76,86,717 74,76,445 81,11,132
Thailand 84,59,356 66,40,825 61,12,206 68,30,262 74,59,374
Saudi Arabia 1,19,41,182 86,84,677 81,57,573 49,58,069 63,69,034
Singapore 85,16,045 61,24,910 36,88,579 45,69,353 59,53,876
Hong Kong, China 39,27,486 46,78,534 44,51,839 47,71,880 54,76,487
Source: ITC Trade Map, 2019
Trade & Investment Opportunities In Asian & African Countries, 2020 29Top products supplied to Asia from Africa were Electrical Machinery and Equipment, Machinery, and Vehicles (Table 9)
Table 9
Top Products - Africa’s exports to Asia Unit : US Dollar thousand
Product label Value Product label Value
Electrical machinery
2016: 2,38,28,969 2016: 66,93,931
and equipment and parts
2017: 2,58,42,687 Articles of iron or steel 2017: 69,27,156
thereof; sound recorders
2018: 2,94,81,693 2018: 81,99,238
and reproducers, television
Machinery, mechanical
2016: 1,97,90,050 2016: 58,18,333
appliances, nuclear
2017: 2,10,77,649 Iron and steel 2017: 59,59,218
reactors, boilers; parts
2018: 2,42,09,185 2018: 74,69,325
thereof
Vehicles other than
2016: 1,55,41,812 2016: 45,03,392
railway or tramway rolling
2017: 1,69,40,961 Cereals 2017: 58,53,663
stock, and parts and
2018: 2,04,28,997 2018: 56,31,295
accessories thereof
Mineral fuels, mineral Animal or vegetable fats
2016: 1,52,71,476 2016: 42,62,768
oils and products of their and oils and their cleavage
2017: 1,53,11,633 2017: 55,01,282
distillation; bituminous products; prepared edible
2018: 1,89,59,676 2018: 48,52,051
substances; mineral fats; animal
2016: 1,07,00,048 Articles of apparel and 2016: 52,79,205
Plastics and articles
2017: 1,11,89,994 clothing accessories, not 2017: 53,19,502
thereof
2018: 1,32,33,782 knitted or crocheted 2018: 47,62,899
Source: ITC Trade Map, 2019
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