Rising Africa in World Trade? A Story of Traditional Commodities and New Products

International trade provides ample opportunities for the economic development of countries and regions. The fall in trade costs – communication and transportation costs, greater access to international capital markets, regional cooperation and, last but not least, the decrease in trade barriers – has supported global trade and output expansion over the last decades. Emerging opportunities and challenges resulting from technological, economic and political developments differ, however, from region to region. Historical experience shows that much of the progress in economic growth and development also depends on the readiness of local business and governments to rapidly adapt and seize opportunities.