Explore West African Trade
How much do Ghana, Nigeria, and the members of the BRVM Composite Index trade with other African countries? With Europe? With Asia*?
Below we have five charts that let you explore this dynamic, emerging region.
The first chart shows the major export markets for each country, the info bubbles scaled according to the worth of the goods exported. This lets us see just how huge Nigeria’s economy truly is in comparison to its neighbors, though Ghana and the Ivory Coast are starting to catch up!
The most common export destination for these West African countries is Europe, with only Senegal, Benin, and Togo exporting primarily to African countries. That said, the total size of Nigeria’s African exports is still 10 times larger than Senegal’s, while the Ivory Coast also exports four times as much to Africa as Senegal does, even though the Ivory Coast’s main partner is Europe.
All numbers from atlas.media.mit.edu, for 2014
Destination of Exported Goods
Origin of Imported Goods
When it comes to imports, we can see that certain countries have large trade imbalances, like Benin and Togo, while others have surpluses, like Ivory Coast (which imports almost equal shares from Africa, Europe, and Asia) and Nigeria. We can also see that in the far west of the region, Europe is the prime source of imported goods, while in the central area, Africa is, and in the eastern part of our map, Asia takes over.
If African Demand Increases by 5%, how much wealth does that generate?
From the previous charts we can ask, what would happen if African demand increased by 5%, allowing each of these nations to increase their African exports by 5%? The biggest winners would be the states along the Gulf of Guinea, but Senegal and Burkina Faso would reap significant profits as well.
If Asian Demand Increases by 5%, how much wealth does that generate?
An increase in Asian demand starts to distribute the gains more evenly, with even Niger and Guinea-Bissau making an additional $10,000,000/year.
If European Demand Increases by 5%, how much wealth does that generate?
For European demand, Nigeria, Ghana, Ivory Coast, and Burkina Faso are the clear winners. Burkina Faso in particular would make about 3 times as much from a 5% increase in European demand for its products than it would if its African neighbors bought more of its goods!
Looking To the Future
These charts give us an idea of how Ghana, Nigeria, and the members of the BRVM Composite Index would fare under certain macroeconomic circumstances. Depending on how the world economy develops in 2017, growth in Asia or Europe could present huge opportunities for African companies.