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Liburkina L. M.

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Development of Trade and Economic Relations of African Countries
Varlamova M. L., Romanets T. P.

Varlamova, Mariia L., and Romanets, Tetiana P. (2023) “Development of Trade and Economic Relations of African Countries.” Business Inform 12:44–51.
https://doi.org/10.32983/2222-4459-2023-12-44-51

Section: International Economic Relations

Article is written in Ukrainian
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UDC 339.9

Abstract:
Africa is an important trading partner for many countries worldwide, despite the fact that most of its countries are characterized by a relatively low level of competitiveness on the international stage. The development of trade and economic relations among African countries can contribute to economic prosperity, strengthen regional security, and promote peace. However, integration processes are complicated by political instability, internal conflicts, and significant differences between countries in terms of economic development. On the one hand, the prospects for the development of trade and economic relations, and on the other hand, the complexity of implementation emphasize the relevance of the research topic. The article analyzes indicators such as export, import, trade balance, geographical structure of trade, and the export-import relationship between African countries and Ukraine. The analysis of trade and economic relations of African countries reveals that the share of Africa’s export and import is currently less than 3%. Since 2013, there has been a significant excess of imports over exports, negatively impacting the region’s economy. As a result of the analysis of intra-regional and inter-regional trade, it was found that the volumes of intra-regional trade account for 13.7%, indicating a higher level of trade and economic interaction between African countries and other regions of the world. The creation of a continental free trade area in the future may increase the volumes of mutual trade between countries, but significant changes have not occurred yet. African countries are also important trading partners for Ukraine, with a positive trade balance in their favor.

Keywords: foreign trade, trade and economic relations, Africa, export, import, trade balance.

Fig.: 10. Tabl.: 1. Formulae: 1. Bibl.: 10.

Varlamova Mariia L. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of International Economic Relations, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]
Romanets Tetiana P. – Student, Department of International Economic Relations, Vasyl’ Stus Donetsk National University (21 600-richchia Str., Vinnytsia, 21021, Ukraine)
Email: [email protected]

List of references in article

“Rethinking the Foundations of Export Diversification in Africa: The Catalytic Role of Business and Financial Services“. Economic Development in Africa Report 2022. United Nations. https://unctad.org/system/files/official-document/aldcafrica2022_en.pdf
World Bank. https://www.worldbank.org/en/home
World Trade Organization. https://www.wto.org/index.htm
Maussion, E. “Inflation is coming back to Africa, and it's not going away“. The Africa report. March 08, 2022. https://www.theafricareport.com/181526/inflation-is-coming-back-to-africa-and-itsnot-going-away/
“Exchange rates of African countries-2022“. https://www.african-markets.com/en/tools/currencies
International Monetary Fund. https://www.imf.org/en/News/Articles/2023/10/13/tr101323-transcript-of-africas-regional-economic-outlook
“Africa's Economic Performance and Outlook“. https://www.afdb.org/sites/default/files/aeo_2023-chap1-en.pdf
“African Economic Outlook 2022“. https://www.tralac.org/documents/resources/africa/4506-african-economic-outlook-2022-afdb/file.html
UNCTAD. https://unctadstat.unctad.org/datacentre
Derzhavna sluzhba statystyky Ukrainy. https://www.ukrstat.gov.ua/

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