Potential for Africa-Caribbean Trade to Hit $1.65 Billion Annually by 2030
ST. JOHN’S, Antigua and Barbuda, Nov. 3, 2026 — The latest insights from a joint report by the International Trade Centre (ITC) and the African Export-Import Bank (Afreximbank) indicate that trade in goods and services between Africa and the Caribbean could reach an impressive $1.65 billion annually by 2030, excluding mineral fuels. This report was unveiled today during the Commonwealth Heads of Government Meeting taking place in Antigua and Barbuda.
Historical Ties and Current Trade Dynamics
The report, titled Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, highlights the rich historical and cultural connections that exist between the two regions. However, it notes that despite these deep links, trade remains minimal relative to the total trade volumes of both Africa and the Caribbean. Opportunities for growth span various sectors, including agribusiness, manufacturing, services, and the creative economy.
Untapped Export Potential in Key Sectors
A striking statistic from the report reveals that about 80% of Africa’s annual export potential to the Caribbean is currently unexplored. This presents significant opportunities for enhancing exports, particularly through active promotion and facilitation of trade and investment initiatives.
The report also underscores that the Caribbean’s export potential is concentrated in the services sector, with a projected value of $481 million. It identifies lucrative business opportunities in priority sectors such as processed food, chemicals, minerals, textiles, tourism, transport services, and creative industries.
Insights from Business Leaders
Pamela Coke-Hamilton, Executive Director of ITC, remarked on the report’s significance, stating, “In an era characterized by significant shifts in global trade dynamics, it is vital for nations to bolster regional collaboration and invest in value addition to enhance economic resilience. We are aware of the substantial trade opportunities that exist between Africa and the Caribbean, and our focus is now on enabling businesses to seize these opportunities through improved market intelligence and financial access.”
Denys Denya, Senior Executive Vice President at Afreximbank, emphasized the necessity of transforming shared historical ties into mutual economic benefits. He noted the progress made with Afreximbank’s initiatives, including a regional financing commitment of $5 billion and various platforms like the Afri-Caribbean Trade and Investment Forum, aimed at harnessing opportunities across diverse economic sectors.
Challenges to Trade Growth
The report identifies several challenges hindering trade, including high transportation costs, inadequate direct shipping routes, regulatory obstacles, limited access to financing, and difficulties in establishing reliable commercial partnerships. It advocates for a broader scope of cooperation that extends beyond traditional goods, including joint investment ventures and collaboration in digital services and tourism.
Call to Action for Economic Cooperation
To address these challenges, the report recommends targeted actions, such as enhancing market intelligence, improving access to trade finance, fortifying transport and logistics networks, and fostering collaboration among business support organizations. It emphasizes the need for establishing stronger regulatory cooperation and improved market access.
For comprehensive insights, the full report is available here.
Distributed by APO Group on behalf of Afreximbank.
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About the International Trade Centre
The International Trade Centre (ITC) operates as the joint agency of the World Trade Organization and the United Nations. ITC aims to empower small and medium-sized enterprises in developing economies to enhance their competitiveness in global markets, thereby driving sustainable economic development aligned with the United Nations’ Sustainable Development Goals.
For further details, visit www.InTraCen.org.
About Afreximbank
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution focused on facilitating intra- and extra-African trade. With over 30 years of experience, Afreximbank provides innovative financial solutions designed to shift the trading landscape in Africa, fostering economic growth and industrialization. The institution plays a crucial role in supporting the African Continental Free Trade Agreement (AfCFTA) through various initiatives, including the establishment of a $10 billion Adjustment Fund.
For more information, visit www.Afreximbank.com.
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