Africa saw a 5.6% drop in the value of its commodity exports between 2021 and 2023, mainly due to a 20% decline in average oil prices and a drop in export volumes from key producers like Algeria, Angola, and Nigeria.
This was revealed in the newly released United Nations Conference on Trade and Development (UNCTAD) report titled “The State of Commodity Dependence 2025.”
According to the report, “Asia and Oceania exported 37.1% of global commodity exports during 2021–2023, with a significant share coming from Western Asian countries.
The United Arab Emirates and Saudi Arabia made up more than half of the sub-regional total.”
In contrast, Africa recorded a decline in value over the same period, with the slump in oil prices and reduced output from its top oil-exporting nations taking a toll on the continent’s earnings.
UNCTAD noted that two-thirds of developing countries remain dependent on commodity exports.
Between 2021 and 2023, 95 out of 143 developing countries, or over two-thirds, relied heavily on commodities, including more than 80% of the world’s least developed nations.
“Such dependence, long been a global concern, hinders economic resilience and leaves developing nations vulnerable to price volatility and external shocks,” the report warned.
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Commodities still make up about one-third of international trade, but their share has declined slightly over the past decade.
When comparing 2012–2014 to 2021–2023, the value of global merchandise trade rose by 25.6%, while the value of commodity exports increased by only 15.5%.
Energy products remained the largest part of global commodity exports, accounting for 44.5% of total trade in the sector between 2021 and 2023.
However, this was a decline from 52.1% a decade earlier, reflecting weaker oil prices and changing global energy demands.
At the same time, agricultural exports increased by 34%, reaching nearly $2.3 trillion, with food products making up nearly 90% of the value.
Mining products, including minerals, ores, and metals, accounted for 23% of global commodity exports during the same period, averaging $1.65 trillion annually, up 33.4% from ten years earlier.
The report also pointed out that developing countries exporting more than 80% of their commodities in raw form need to shift away from this model and add value to their exports in order to build resilience against external shocks.
In its July 2025 Global Trade Update, UNCTAD highlighted that Nigeria and other developing countries trailed behind in global trade growth and digital market participation in the first quarter of 2025.
While imports by developed countries increased by about 4% quarter-over-quarter, imports by developing nations, including Nigeria, declined during the same period.
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Image Credit: Total Supply Chain Summit
