South Africa continues to be Germany’s top trading partner in Africa.
Imports from oil-producing countries in Africa are also increasing.
German Imports from Africa
German-Africa Trade increased significantly in the year 2022. German foreign trade with Africa (both imports and exports) has increased by 21.3 percent (%) in the year 2022. These updated statistics reach a new record level of trade being valued at an impressive 59.8 billion euros.
Imports from Africa to Germany increased by 27.4 percent (%) to 33.4 billion euros. More specifically, the goods imported by Germany from the Republic of South Africa calculated a total of 14.4 billion euros in comparison to the previous year [2021] where the total value of imports was 12.3 billion euros. The difference of 2.1 billion euros is a testament to the ever-increasing trade volumes between the two countries. Experts predict that the year 2023 will reflect a further increase in trade following the Russia-Ukraine war.
Libya is followed in second place, from where Germany almost exclusively imported oil worth 3.6 billion euros. This is followed by Nigeria, another oil-producing country, which exported a total of 1.9 billion euros of oil to Germany as well as Chad with a trading volume of 1.2 billion euros in the year 2022.
German exports to Africa
While exports to Africa have shown growth, German exports grew slightly less in comparison to the import figures from Africa. Regarding exports, Statistics for German-Africa Trade increased in the year 2022. Germany’s exports to Africa rose by 14.5 percent (%) to a total of 26.4 billion euros.
Here, too, South Africa was the top trading partner in Africa with deliveries valued at 9.8 billion euros for the year 2022. Germany also exported goods to Egypt which was valued at a total of 4.2 billion euros, followed by Morocco with 2.8 billion euros.
In addition to South Africa, other important sales markets in sub-Saharan Africa were Nigeria with exports of 1.1 billion euros, Côte d’Ivoiré with delivered goods worth 334 million euros and Kenya with exports of 260 million euros.
Obtain Government Funding
If you are a German company that is interested in exporting your products to Africa, we highly recommend that you take a look at the funding options available to you.InterGest South Africa is a registered consulting firm of Bundesamt für Wirtschaft und Ausfuhrkontrolle – BAFA. Qualifying german companies are eligible to recieve up to 75% of our market entry services funded. For more information, click HERE.Source: Africa Business Guide