Recent Trend in Africa-India Trade

Abstract

This paper is conceptual paper which tried to fathom in to development of Africa’s economy and its trade relationship with India. The paper basically reviewed literature on trade and investment and export and import transactions relations between India and Africa by analyzing period-wise report from 2001-2017. This paper also analyzed initiatives that was considered by policymakers in the two subcontinents to boost the trade relationship that may provide benefits to both Africa and India. Indo-African trade volume reached US$ 53.3 billion in 2010-11 & US$ 62 billion in 2011-12. It became US$ 90 billion by 2015. It is to be noted that this volume was at a scant US$ 3 billion in 2001, in 2015, India had emerged as Africa's fourth largest trade partner behind China, EU & USA whilst Africa emerged as India's sixth largest trading partner behind EU, China, UAE, USA & ASEAN. In 2017, Africa emerged as India’s third-largest export destination. Africa-India bilateral trade can touch USD 150 billion in the next five years from the current 52 USD billion.