15 African Countries That Earn The Most Foreign Exchange From Exporting Goods And Services
Instead, they all participate because each country needs each other for trade, either buying what it doesn’t have or selling what it has too much.
Investopedia defines international trade as “the exchange of goods and services between countries” that allows countries to expand their markets.
For most developing countries in Africa, foreign trade is imperative. On the one hand, these countries have to import the many products and services that they cannot produce. In addition, the export of their products (mainly raw materials) gives them the opportunity to earn much-needed hard currency and strengthen their foreign exchange reserves.
For the remainder of this article, we will focus on fifteen African countries that earn the most foreign exchange from exports of goods and services. This is especially important now that many African countries, from Nigeria to Kenya, are struggling with chronic shortages of dollars. Perhaps the answer to the problem is for these countries to find ways to export more products and services so that they can earn more foreign exchange.
Below are the fifteen African countries that earn the most foreign exchange from exports. The list is courtesy of available data obtained from The World.
- South Africa: $130.6 billion
- Nigeria: $63.7 billion
- Angola: $27.5 billion
- Ghana: $23.2 billion
- Democratic Republic of the Congo: $21.6 billion
- Ivory Coast: $18.1 billion
- Kenya: $11.7 billion
- Zambia: $11.6 billion
- Tanzania: $9.7 billion
- Republic of the Congo: $9.4 billion
- Guinea: $8.5 billion
- Ethiopia: $8.4 billion
- Cameroon: $8 billion
- Zimbabwe: $6.7 billion
- Senegal: $6.1 billion