According to the World Trade Organization (WTO), Africa’s exports will grow the most among the regions in 2024, with an increase of 5.3%. This growth is the result of projections that indicate an increase in the volume of world trade in goods of 2.6% over the same period. However, the WTO points out that this growth is based on a low base, due to the fall in exports from the continent following the COVID-19 pandemic. Expected growth is slightly lower at 5.3%, also from a low base after the sharp drop in exports from the region following the war in Ukraine.
North America, the Middle East and Asia are expected to see moderate export growth, while South America is expected to grow more slowly. The WTO predicts that European exports will lag behind those of other regions, with growth of just 1.7%.
In addition, strong growth in import volumes in Asia and Africa should boost global demand for traded goods this year. However, all other regions are expected to record below-average import growth.
Finally, exports of goods from the least developed countries (LDCs) are expected to grow by 2.7% in 2024, down from 4.1% in 2023, before growth accelerates to 4.2% in 2025. LDC imports are expected to grow by 6.0% this year and 6.8% next year after contracting by 3.5% in 2023.
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