World Print edition: 2019-11-26

Africa urged to diversify export markets

African countries need to diversify export markets and add value to raw materials as a trade war between the United States and China threatens to hit growth, the African Development Bank (AfDB) president said on Monday.
Published Updated

African countries need to diversify export markets and add value to raw materials as a trade war between the United States and China threatens to hit growth, the African Development Bank (AfDB) president said on Monday.

The continent's economy is expected to expand by 3.4% this year and 3.9% in 2020, Akinwumi Adesina told Reuters, but there are risks from a slowing global economy.

"Tensions between United States and China in terms of trade is a problem," he said. "Many African countries export ... raw materials to China. And so, if China's economy weakens (then) demand for raw materials from Africa weakens."

The United States and China, the two top economies in the world, have been embroiled in a 16-month trade war that has disrupted supply chains and been a drag for economies worldwide.

Copyright Reuters, 2019