In 2006, Africa’s total export to the United States was worth approximately $79 billion, which increased by 22.4 percent since the previous year. The top seven African exports were oil, precious metals, organic chemicals, clothing accessories (not knitted), iron and steel, apparel and clothing, and cocoa.
The above information was found from the U.S. government trade database and it does not include the unrecorded exports.
Africa has been exporting mostly raw materials that have been building other continents for centuries. Raw materials do not have high monetary value in the international market. Raw materials – such as diamond, gold, petroleum, natural gas, iron, steel, copper, cobalt, uranium, lead, potash, forest, and coltan – have been flooding out of Africa. Eighty percent of the world’s known reserves of coltan is found in Africa. Coltan is used as a “vital components in electronic devices, ranging widely from mobile phones to laptop computers,” according to wikipedia.org.
Even during ancient times, Africa has always been generous to the world. Some of her incredible and precious offerings included and it still includes, people, music, knowledge, mathematics, arts and more.
The African Diaspora with Africa has now the capacity to add value on Africa’s export in a way it could help all: through creating trade links with each other. Economist Dr. Laurie-Ann Agama suggests Africa also increases the internal trade by creating manufacturing links amongst countries in the continent. Intercontinental trade is almost non existing in Africa. Africa and the African Diaspora also should invest to increase values of the raw materials. Check back to find out ways to be involved in the profitable international trade.
