As India expands its trade volumes in Africa and quickly becomes the continent's second-largest trading partner, an unavoidable handshake occurs, with Africa's trade volumes from India also increasing. Most African countries and India, as "development partners," have expressed interest in enhancing bilateral relations through development cooperation, capacity building, economic and technological initiatives, with mutually beneficial outcomes.
According to Afrexim Bank and EXIM India, bilateral trade increased by more than tenfold from US$7.2 billion in 2001 to US$78 billion in 2014, before declining to US$59.9 billion in 2017, reflecting the end of the commodity super-commodity cycle's and oil price decline.
While many people believe that India's trade with Africa is limited to oil, precious metals, and coal, it's important to remember that Africa makes available roughly half of the raw cashews processed in India. Other agricultural goods such as pulses, spices, fruit and nuts, and even mangoes are also exported in large quantities between the two countries. On the African continent, product imports have increased gradually and consistently.
However, many believe that the long-term relationship between Africa and India will be based on cooperation in areas such as food security, which is a common concern for both India and most African countries. Many African countries and businesses are also involved in this industry, which connects India and Africa.