St. John's – November 03, 2026 -- Annual trade in goods and services between Africa and the Caribbean could reach up to $1.65 billion by 2030, excluding mineral fuels, according to a report from the International Trade Centre (ITC) and the African Export-Import Bank (Afreximbank). The two institutions launched the study on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda.
Around 80% of Africa's goods export potential to the Caribbean remains untapped
The report, Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation, finds that trade between the two regions still makes up only a small share of each region's overall trade. This is despite complementarities across agribusiness, manufacturing, services and the creative economy.
Caribbean export potential lies mainly in services, where it reaches $481 million. The report names priority sectors including processed food and animal feed, chemicals, minerals and metals, apparel and textiles, leather and footwear, tourism, transport services and creative industries.
The findings rest on trade and export potential analysis, detailed sector assessments and a survey of 1,175 businesses and business support organizations across both regions.
Transport costs, thin shipping links and finance gaps hold back businesses
The report lists high transport costs, limited direct shipping links, regulatory barriers, limited access to finance and difficulty identifying trusted commercial partners as the main obstacles. It says future cooperation should go beyond goods trade into joint investment ventures, digital services, creative industries and tourism.
Its recommendations are:
- better market intelligence and business matchmaking;
- wider access to trade finance and payment solutions;
- stronger transport and logistics connectivity;
- sector-specific value chain development;
- improved regulatory cooperation and market access;
- stronger partnerships among business support organizations.
ITC Executive Director Pamela Coke-Hamilton said countries need to "strengthen regional ties and invest in value addition" amid major shifts in global trade. She added that the focus now moves to market intelligence, logistics and finance.
Afreximbank cites $1 billion in approved Caribbean transactions and a $5 billion commitment
Denys Denya, Senior Executive Vice President at Afreximbank, said the bank operates a CARICOM office in Barbados. He put its approved transactions in the region at about $1 billion and its regional financing commitment at $5 billion.
Denya listed the bank's instruments for the corridor: deposit mobilization under CENDEP, the annual Afri-Caribbean Trade and Investment Forum, local-currency payments through CAPSS and creative-industry collaboration through CANEX. He described the report as a roadmap for turning untapped potential into bankable opportunities in agribusiness, manufacturing, tourism and the creative economy.