New Delhi, May 15: Bilateral trade between India and Africa rose 14.39% year-on-year to $93.69 billion in FY2025-26, reflecting deepening economic engagement and expanding strategic cooperation between the two regions.
India’s exports to African nations stood at $45.42 billion during the fiscal year, while imports totalled $48.27 billion, according to government data.
Speaking at a curtain-raiser event for the upcoming India-Africa Business Dialogue (IABD) and Exhibition, Piyush Goyal highlighted the growing importance of India-Africa collaboration in shaping a more resilient and innovation-driven Global South.
The minister stressed the need to strengthen trade frameworks by improving alignment in standards, customs procedures, and business practices to enable smoother and more efficient cross-border commerce.
Goyal noted that the combination of the African Continental Free Trade Area—with an estimated market size of $3.4 trillion—and India’s rapidly expanding $4 trillion economy creates significant opportunities for supply chain diversification, manufacturing partnerships, and long-term economic integration.
He emphasised that the next phase of India-Africa economic engagement should move beyond traditional commodity-based trade toward higher-value manufacturing, integrated supply chains, and technology-led cooperation.
The minister also underlined the demographic advantage shared by both regions, with nearly two-thirds of their populations below the age of 35. He called for stronger collaboration in skilling, startups, innovation ecosystems, and talent development to prepare the workforce for future industries.
Key sectors identified for future cooperation include agriculture and food processing, digital public infrastructure, pharmaceuticals and healthcare, renewable energy, electric mobility, defence manufacturing, critical minerals, and emerging technologies.
The India-Africa Business Dialogue and Exhibition is being positioned as a strategic platform to enhance trade, investment flows, technology partnerships, and people-to-people engagement between India and African economies.
The growing trade momentum underscores India’s broader strategic push to strengthen economic ties with Africa, diversify global partnerships, and expand its footprint across high-growth emerging markets.
