ST. JOHN’S, Antigua and Barbuda, Nov. 4, 2026 (XOL Africa) — Trade between Africa and the Caribbean could reach $1.65bn annually by 2030, as businesses in both regions seek to expand commercial ties and reduce their dependence on traditional export markets, according to a new report by the International Trade Centre and African Export-Import Bank.
In a joint report released on Tuesday during the Commonwealth Heads of Government Meeting in Antigua and Barbuda, the International Trade Centre (ITC) and Afreximbank said approximately 80 per cent of Africa’s annual goods export potential to the Caribbean remained untapped, highlighting significant opportunities for manufacturers, agricultural producers and service providers.
The report, Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, estimates that annual trade in goods and services between the two regions could reach $1.65bn by the end of the decade, excluding mineral fuels.
Despite longstanding historical and cultural connections, commercial exchanges between Africa and the Caribbean account for only a small proportion of each region’s international trade.
The findings suggest that stronger trade financing, improved transport infrastructure and closer business partnerships could help unlock opportunities across agribusiness, manufacturing, tourism and the creative industries.
The report identifies processed foods, animal feed, chemicals, minerals and metals, textiles, apparel, leather products and footwear as sectors with significant potential for trade expansion.
Services also represent a substantial opportunity, with the Caribbean’s export potential estimated at $481mn, particularly in tourism, transport and creative industries.
The analysis draws on trade data, sector assessments and a survey of 1,175 businesses and business support organisations across Africa and the Caribbean.
Pamela Coke-Hamilton, executive director of the International Trade Centre, said closer economic cooperation would help both regions strengthen their resilience amid changes in global trade.
“At a time of major shifts in global trade, countries need to strengthen regional ties and invest in value addition, to build resilience,” Coke-Hamilton said.
“We know the major trade opportunities between Africa and the Caribbean — and now we can focus on helping businesses take advantage of those opportunities through better market intelligence, improved logistics and greater access to finance.”
The findings come as African governments and financial institutions seek to diversify export destinations and encourage greater trade in manufactured and value-added products rather than relying heavily on raw materials.
For Caribbean economies, deeper commercial ties with Africa could provide access to new consumer markets, investment opportunities and partnerships in tourism, financial services and the creative economy.
However, the report warns that substantial structural barriers continue to constrain trade between the regions.
High transport costs, limited direct shipping connections, regulatory differences and restricted access to finance make it difficult for businesses to establish reliable cross-Atlantic supply chains.
Companies also face challenges identifying trustworthy commercial partners and obtaining the market information needed to expand into unfamiliar jurisdictions.
These constraints are particularly significant for small and medium-sized enterprises, which often lack the financial resources and international networks available to larger multinational companies.
Afreximbank has sought to address some of these barriers through trade financing, payment infrastructure and investment initiatives designed to strengthen commercial relationships between Africa and the Caribbean.
Denys Denya, senior executive vice-president at Afreximbank, said the bank had approved approximately $1bn in transactions linked to the Caribbean and committed $5bn in regional financing.
“Africa and the Caribbean must transform a shared history into shared prosperity,” Denya said.
He pointed to the bank’s Caribbean Community office in Barbados, its financing commitments and initiatives supporting cross-border payments and business partnerships as evidence of growing institutional cooperation.
Afreximbank has also developed the Caribbean Payment and Settlement System (CAPSS), intended to facilitate regional payments and reduce some of the friction associated with international transactions.
Other initiatives include deposit mobilisation through CENDEP, the annual Afri-Caribbean Trade and Investment Forum and the Creative Africa Nexus (CANEX) programme, which supports commercial opportunities in cultural and creative industries.
Denya said these initiatives were intended to translate commercial opportunities into viable investments.
“This report offers a practical roadmap to turn untapped potential into bankable opportunities across agribusiness, manufacturing, tourism and the creative economy,” he said.
“Through targeted financing, stronger transport and logistics links and strategic partnerships, we can build a Global Africa connected by heritage, trade, investment and shared opportunity.”
The report argues that economic cooperation should extend beyond conventional merchandise trade to include joint ventures, digital services, tourism and investment in regional value chains.
It recommends stronger business matchmaking programmes, improved access to trade finance, more efficient payment systems and closer regulatory cooperation to reduce barriers to market entry.
Greater investment in transport and logistics infrastructure is also identified as a priority, particularly the development of more reliable shipping connections between African and Caribbean ports.
The absence of extensive direct maritime links means some goods moving between the two regions must pass through established international trading hubs, potentially increasing delivery times and costs.
Improving these connections could make trade more commercially attractive for exporters dealing in processed agricultural products, manufactured goods and other time-sensitive shipments.
The report also highlights the importance of developing sector-specific value chains, allowing businesses in both regions to cooperate in production, processing and distribution rather than relying solely on the exchange of finished products.
Such partnerships could support industrial development and create opportunities for businesses to participate in cross-regional supply networks.
For Africa, the initiative complements broader efforts to strengthen trade under the African Continental Free Trade Area, which seeks to create a more integrated continental market and encourage industrialisation.
Afreximbank has been a major financial supporter of the agreement, including through the Pan-African Payment and Settlement System and a $10bn Adjustment Fund designed to help participating countries manage the transition towards greater continental trade integration.
The bank, headquartered in Cairo, reported more than $48.5bn in total assets and contingencies at the end of 2025, with shareholder funds of $8.4bn.
Its growing engagement with Caribbean economies reflects an effort to extend African trade financing beyond the continent and develop commercial relationships with countries sharing historical and economic ties with Africa.
Nevertheless, the projected $1.65bn in annual trade represents an estimate of potential rather than a guaranteed outcome.
Realising that opportunity will depend on whether governments, financial institutions and private businesses can address the logistical, regulatory and financing obstacles identified in the report.
For African exporters, particularly those operating in manufacturing and agribusiness, the Caribbean offers a potential market for diversification at a time when international trade relationships are being reshaped by geopolitical tensions and changing supply chains.
For Caribbean businesses, Africa’s expanding consumer markets and industrial development ambitions could create opportunities for services exports, investment and commercial partnerships.
The ITC and Afreximbank said stronger cooperation among governments, financial institutions and business support organisations would be necessary to translate the identified trade potential into sustained economic activity.
The report concludes that closer Africa-Caribbean commercial integration could help both regions diversify their economies, strengthen supply chains and create new opportunities for businesses seeking access to markets across the Atlantic.
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