Commission memorandum on ACP-EU trade is released
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CTA. 2003. Commission memorandum on ACP-EU trade is released. Agritrade, November 2003. CTA, Wageningen, The Netherlands.
Permanent link to this item: http://hdl.handle.net/10568/52772
Highlights from this recent Commission memorandum are: ...
Highlights from this recent Commission memorandum are: EU imports from the ACP increased by more than 40% between 1998 and 2002; the EU absorbs more than one-third of all sub-Saharan Africa's exports, and is thus its main export market; the main ACP exports are: petroleum oil (28%); diamonds (9%); cocoa (8%); fish (6%); wood (4%); sugar (3%), aluminium (2%) and tobacco (2%); the main EU exports are machinery and mechanical appliances (26%) ships and boats (12%) vehicles and transport equipment (8%) and chemical products (10%); 10 ACP countries account for 60% of ACP trade; the most important trade regions are western Africa (37%) and eastern and southern Africa (37%), central Africa accounts for 12%, the Caribbean 11% and the Pacific 2%. LDC exports to the EU increased 3% in value following the introduction of the EBA. The memorandum also provides data on EU investment flows and the provision of trade-related technical assistance. Comment: Most ACP exports are denominated in US dollars, so currency movements between the dollar and the euro will have had a major influence on the euro value of ACP exports. As the euro has weakened against the US dollar so the euro value of ACP exports will have increased. Oil price movements also have a major bearing on the trends in value of total ACP exports. These factors alongside other price movements need to be taken into account in calculating the changes in ACP exports to the EU over the period from 1998 to 2002.