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Thu, 20 Jun 2019 17:01 - Updated Thu, 20 Jun 2019 17:00

Mozambique: US-Africa foreign trade increases

Maputo - Foreign trade between the United States and Africa has grown from USD 49 billion to USD 63 billion in the last three years.

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The data were released Wednesday in Mozambique by President Filipe Nyusi, in his speech delivered at 12th US-Africa Business Summit opening ceremony.

Heads of state, Government and businessmen from various countries are attending the Forum.

About 60% of this value represents the exports of various products from Africa to the United States.

As for Angola, data compiled in the Forum indicate that the exports to the US in 2018 stood at USD 2.7 billion, with 2.5 billion accounted for oil and 198 million for metals, diamonds.

Whereas,  US exports to Angola reached US $ 527 million, with the stress to the areas of food, such as chicken, machinery and electronic equipment.

The Mozambican president Nyusi said that despite these achievements, there are still several challenges and opportunities that require financial resources in the African continent.

According to African Development Bank (AfDB), the continent has a funding deficit estimated at between USD 68 and 108 billion for infrastructure.

To tackle this situation, the source defended mobilisation of these resources to thrive the economy in the continent.

The deputy secretary of the US Department of Commerce, Karen Dunn Kelly, reiterated his government’s continued support for the development of Africa.

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