UNCTAD argued that in the fourth quarter of 2021, all major trading economies saw imports and exports rise well above pre-pandemic levels of 2019. Moreover, the report pointed out that trade in goods increased more strongly in developing countries than in developed ones.
It is essential to realize that Africa has more to tap into the intra-African trade, standing at around $21.9 billion, according to UNCTAD.
Further, exports of developing countries were about 30 per cent higher than during the same period in 2020, compared with 15 per cent for wealthier nations.
The UNCTAD report argued that growth spiked in commodity-exporting regions as commodity prices increased.
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