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The Africa Trade

Essay by   •  May 15, 2017  •  Essay  •  516 Words (3 Pages)  •  398 Views

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                                                                                Dabryar Stafford                                                                                                2B 11-17-16

                                       Two page Essay

        The Africa trade is dominated by diverse natural resources that the continent enjoys in abundance. Countries such as South Africa represent the higher side of the spectrum whereas regions such as Burundi have the least trade volumes. A majority of African countries are underdeveloped and therefore, rely heavily on foreign aids to survive. The country has a well-developed law system. Botswana and South Africa are two biggest exporting countries in Africa. South Africa is the world’s biggest producer of gold as well as diamonds. South Africa has a large pool of skilled labor and, advanced infrastructure and developed financial resources. The main exported commodities of African nations are Palm oil, Gold and diamonds, Oil, Cocoa, Timber, and precious metals. Oil export has been the main stay for many economies. Nigeria is one of the world's largest oil reserves and Africa's largest oil producer. It produces an average of 2.21 million barrels/day. In the last two decades, countries such as Sudan, Angola, and Equatorial Guinea have also benefited due to their oil exports.

Africa struggles with food items and basic facilities. It is often under the grip of internal outbreaks, leaving less scope for infrastructural or administrative change over. The main imported commodities are Machinery and equipment Chemicals, Petroleum    product, scientific instruments, and Foodstuffs. Machinery and equipment imports have become a regular as the region is trying to uplift its productivity and make use of the vast resources. Overall, Africa trade has been helped enormously by other such as Germany, Japan and China that have not only invested a lot in the emerging countries but have been regular African trade partners as well. Income inequality can foster either unemployment or growth. They also understand how international trade distributes unemployment, even at times forcing countries into beggar-thy-neighbor policies. Ordinary people consume a larger share of their incomes than do the wealthy, so rising income inequality reduces the consumption share of GDP, which automatically forces up the national savings rate. This phenomenon has been especially noticeable in Germany and China over the past fifteen years as both countries have forced down the household share of GDP by implementing policies aimed at making domestic businesses more competitive in international markets.  

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