Africa-Caribbean trade potential estimated at $1.65 billion by 2030
A report from the International Trade Centre and Afreximbank identifies untapped trade potential between Africa and the Caribbean, calling for improved logistics and financing to boost economic ties.
Annual trade in goods and services between Africa and the Caribbean could reach $1.65 billion by 2030, according to a joint report released by the International Trade Centre (ITC) and the African Export-Import Bank (Afreximbank). The findings, presented during the Commonwealth Heads of Government Meeting, suggest that approximately 80% of Africa's current export potential to the Caribbean remains unrealized.
The research points to significant complementarities between the two regions, spanning sectors from agribusiness and manufacturing to creative industries. Caribbean export potential is estimated at $481 million, primarily driven by services. Despite these opportunities, businesses report that high transport costs, limited direct shipping routes, and difficulties in securing trade finance act as major barriers to market entry.
ITC Executive Director Pamela Coke-Hamilton emphasized that strengthening regional ties and investing in value-added production are essential for resilience. Afreximbank has already begun facilitating these links through its CARICOM office in Barbados and a $5 billion regional financing commitment, intended to support local-currency payments and business matchmaking.
The report concludes that unlocking this potential requires systemic improvements, including better market intelligence, regulatory cooperation, and the development of joint investment ventures. Future efforts will focus on bridging the connectivity gap and fostering partnerships between business support organizations.