United States (US) trade with Africa – 2016
Trade data for 2016 reveals that total trade between the United States and Africa was close to US$ 50 billion. US imports from Africa in 2016 were just above US$27 billion and exports to Africa were close to US$22 billion. Ten countries account for 85% of US’s imports from Africa and 88% of its exports to Africa.
US imports from Africa declined significantly over the review period in contrast to US exports to Africa. US imports declined by 18% (compound annual growth rate – CAGR) while exports to Africa declined by a mere 4% (CAGR) over the period 2010-2016.
The import decline has been attributed to the decline in imports from oil producing countries such as Angola and Nigeria (and oil prices were falling in the global market during this period).
With 37 countries currently eligible under AGOA, 92 percent of US’ imports are accounted for by only 10 countries, with South Africa, Nigeria and Angola accounting for 74% share of the US’ imports under AGOA.
Read more in the trade data update: US-Africa trading relationship – Trade at a Glance 2016.