Africa–Caribbean trade in goods, excluding mineral fuels, and services could reach up to $1.65 billion annually by 2030, a new report by the International Trade Centre and African Export-Import Bank has shown.

The report, entitled “Reshaping Africa-Caribbean Trade: Opportunities for Economic Transformation”, was launched on the sidelines of the Commonwealth Heads of Government Meeting in Antigua and Barbuda on Tuesday.

“Researchers estimate that annual trade in goods, excluding mineral fuels, and services could reach up to $1.65 billion by 2030, suggesting substantial scope for expansion,” it stated.

The report noted that despite deep historical and cultural links, trade between the two regions remains modest and heavily concentrated.

According to the report, South Africa, Algeria and Nigeria account for nearly 60% of African exports to the Caribbean, while the Bahamas and Trinidad and Tobago make up more than 85% of Caribbean exports to Africa.

It added, “Yet the prospects for growth are considerable. The report finds that around 80% of Africa’s annual goods export potential to the Caribbean remains untapped, while Caribbean export potential lies in the services sector, reaching $481 million.”

The report also pointed to opportunities in specific products and markets across a range of sectors, with processed food, chemicals, minerals and metals, transport services, tourism and the creative industries among the most promising.

According to the ITC, the challenge, as outlined in the report, is not a lack of demand but a range of practical constraints that continue to discourage businesses from entering each other’s markets.

“At a time of major shifts in global trade, countries need to strengthen regional ties and invest in value addition, to build resilience,” ITC Executive Director Pamela 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 report also called for targeted support where commercial opportunities already exist, including verifying promising products and markets, connecting credible buyers and suppliers, and helping firms overcome regulatory, logistics and financing barriers.

According to the report, over the long term, these efforts should support deeper productive integration through investment in processing, value addition and resilient supply chains, alongside cooperation in services, digital trade, tourism and creative industries.

Denys Denya, Senior Executive Vice-President at Afreximbank, advocated transforming the shared history of Africa and the Caribbean into shared prosperity.

“With our CARICOM office in Barbados, about $1 billion in approved transactions and a $5 billion regional financing commitment, Afreximbank is advancing this vision through financing, deposit mobilization under CENDEP, business links through the annual Afri-Caribbean Trade and Investment Forum, local-currency payments through CAPSS and creative-industry collaboration through CANEX,” Mr Denya said.

He added that the report offers a practical roadmap to turn untapped potential into bankable opportunities across agribusiness, manufacturing, tourism and the creative economy.