Africa’s merchandise exports increased by 14 per cent year-on-year in the first quarter of 2026, recording the second-highest regional growth after Asia, according to the World Trade Organization.

The WTO disclosed this in its latest trade outlook titled “Global goods trade resilient in the first quarter of 2026 despite war in Middle East,” released on Friday.

The increase was supported by higher exports of precious metals and gold, copper, fertilizers and ores, although cocoa and fuel exports declined during the period.

The WTO said Africa recorded the second-highest increase in the value of merchandise exports in the first quarter, matching the 14 per cent growth recorded by South and Central America but trailing Asia’s 20 per cent increase.

“Africa saw the second-highest increase, with 14% growth, supported by exports of precious metals and gold, copper, fertilizers, and ores, among others, though cocoa and fuels exports declined,” WTO noted.

Africa’s merchandise imports also rose by 15 per cent year-on-year, driven particularly by vehicles, machinery and ships and boats, while imports of aircraft and organic chemicals declined.

South America’s exports increased by 14 per cent, supported by higher exports of oil seeds, precious metals and gold, meat, fuels, ores, coffee and tea.

Middle East and Commonwealth of Independent States (CIS) exports declined by 1 per cent each, while North America recorded the largest decline in imports at 7 per cent.

Globally, the strongest export growth by product category came from office and telecommunications equipment, which increased by 44 per cent, followed by ores and other minerals at 27 per cent and other machinery at 9 per cent.

The WTO noted that Africa’s cumulative increase in merchandise imports since the start of 2023 stood at 25 per cent, the highest among the regions during the period.

The WTO said the first quarter performance showed resilience in global merchandise trade despite the ongoing conflict in the Middle East and disruptions to commodity markets.

The value of merchandise exports in Asia rose by 20 per cent year-on-year, supported by precious metals and gold, copper, machinery, electrical machinery and ores.

However, exports of iron and steel, pharmaceuticals and clothing declined.

South America, Africa and the CIS region recorded quarter-on-quarter export declines of 0.3 per cent, 2.5 per cent and 7.4 per cent, respectively.

The WTO expects exports from South America, Africa and the CIS to rebound in the second quarter as petroleum producers seek to make up for reduced output from the Middle East.

The WTO also reported that fuel prices rose by 3 per cent year-on-year and 16 per cent quarter-on-quarter, while prices for metals and minerals, excluding gold and silver, were 32 per cent higher.

The performance comes as global trade continues to adjust to geopolitical tensions, commodity price movements and changing demand across major markets.

The five largest exporters all recorded nominal year-on-year export growth in the first quarter of 2026.

South Korea led with 38.4 per cent, followed by Hong Kong, China, at 38.3 per cent, the United States at 15.2 per cent, China at 14.7 per cent and the European Union at 9.2 per cent.

On the import side, four of the five largest importers recorded increases, with Hong Kong, China rising 44.8 per cent, the United Kingdom 28 per cent, China 23 per cent and the European Union 11.4 per cent.

US merchandise imports, however, declined by 13.6 per cent.

In January 2025, WTO Director-General Ngozi Okonjo-Iweala said global trade had reached $30.4 trillion, surpassing its pre-pandemic peak.

The WTO had also projected in its 2024 trade outlook that Africa’s exports would grow by 5.3 per cent in 2024, the fastest pace among the regions at the time.

In September, the WTO said artificial intelligence could increase global cross-border trade by nearly 40 per cent by 2040 if appropriate policies are implemented to bridge the digital divide.

Nigeria’s merchandise trade surplus had surged to N7.55 trillion in the first quarter of 2026, representing a 340.88 per cent increase from the N1.71 trillion recorded in the preceding quarter.

National Bureau of Statistics reported that Nigeria’s non-oil exports rose to N3.19 trillion in the first quarter of 2026, reinforcing the country’s gradual shift towards a more diversified export base amid stronger external trade performance.

The NBS data also showed that non-oil exports accounted for approximately 15.05 per cent of Nigeria’s total exports during the quarter.

While crude oil remains the dominant source of export earnings, the steady expansion of non-oil exports reflects ongoing efforts to broaden the country’s economic base and reduce exposure to oil price shocks.

The Network of Practicing Non-Oil Exporters of Nigeria, in March, released its market survey revealing that exporters’ usage of the African Continental Free Trade Area remains low, despite the N12.36 trillion non-oil export performance recorded in 2025.