This trend highlights the increasing confidence in the quality of locally produced goods and the accessibility of African markets. Businesses from Namibia (75%), Tanzania (48%), and Angola (43%) reported the highest preference for cross-border trade, while larger economies like Nigeria and Kenya showed a notable reliance on Asian markets, with only 34% favoring intra-African trade.
The report emphasizes that trading within Africa is perceived as easier than engaging with external markets. Quality of goods (72%) emerged as the most significant factor influencing trading decisions, followed by competitive market prices (51%) and accessibility (38%). This sentiment reflects a positive shift towards strengthening economic ties within the continent.
The ongoing implementation of the AfCFTA has played a crucial role in easing trade barriers and fostering better trading relationships among African nations. As more countries participate in initiatives like the Guided Trade Initiative (GTI), which aims to enhance trade through preferential tariff arrangements, intra-African trade is expected to continue its upward trajectory.