Raw Materials and Commodities Dominate Africa’s Exports

Africa’s exports remain heavily reliant on raw materials and commodities. In 2023, out of $700 billion in total exports, 80% came from these sectors. Fuels and related products contributed $247 billion (35%), precious metals and stones added $127 billion (18%), other minerals and metals accounted for $107 billion (15%), and agriculture and food products made up $84 billion (12%). This high dependency on commodities makes the value of Africa’s exports highly sensitive to fluctuations in global commodity prices.