Africa recorded a 5.6% decline in the value of its commodity exports between 2021 and 2023, largely due to falling oil prices and reduced export volumes from key producers such as Algeria, Angola, and Nigeria.
This was revealed in the newly released United Nations Trade and Development (UNCTAD) report titled “The State of Commodity Dependence 2025.”
According to UNCTAD, “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.
“Africa, by contrast, saw a 5.6% drop in the value of its commodity exports over the same period [2021-2023], mainly due to a 20% drop in average oil prices and a significant decline in export volumes from the continent’s leading oil exporters, namely Algeria, Angola and Nigeria,” UNCTAD report read.
Two-thirds of developing countries are commodity-dependent
UNCTAD stated that commodity dependence continues to be a significant concern for developing economies.
According to the organisation, between 2021 and 2023, 95 out of 143 developing countries—more than two-thirds—remained heavily reliant on commodity exports. This includes over 80% of the world’s least developed countries.
“Such dependence, long been a global concern, hinders economic resilience and leaves developing nations vulnerable to price volatility and external shocks,” UNCTAD warned.
Commodities exports represent about one-third of international trade, but their share has decreased slightly in the past decade.
Comparing periods of 2012-2014 to 2021-2023, the value of global merchandise trade expanded substantially by 25.6%, while commodity exports grew relatively slowly at 15.5%.
Energy continues to dominate, with agriculture and mining gaining ground
UNCTAD notes that energy products remained the largest component of global commodity exports, accounting for 44.5% of total trade in the sector between 2021 and 2023—though this marks a decline from 52.1% a decade earlier. The drop reflects weakening oil prices and evolving global energy demands.
The report stated that agricultural exports rose by 34% to nearly $2.3 trillion, where food products accounted for nearly 90% of the total value.
Also, mining products, such as minerals, ores, and metals, contributed 23% of world commodity exports during 2021-2023, averaging an annual value of $1.65 trillion (up 33.4% from a decade ago).
What you should know
The report advised developing countries that export over 80% of their commodities in raw form to end their dependence on raw commodity export and add value to make their economies resilient to shocks.
In its July 2025 Global Trade Update, UNCTAD observed that Nigeria and other developing economies lagged behind in global trade growth and digital market participation during the first quarter of 2025.
The report noted that imports by developed countries surged by approximately 4% on a quarter-over-quarter basis, while imports by developing nations—including Nigeria—declined during the same period.
