In a survey conducted between March and June 2022, most CEOs in Africa indicated that they most often used cash in advance (53 percent) and letters of credit (25.41 percent) as payment terms in international trade transactions. In May 2019, the African Continental Free Trade Area (AfCFTA) agreement officially entered into force after 22 African countries had ratified it. It aimed at facilitating trade within the continent.
Distribution of payment terms most frequently used by African businesses in import and export trade transactions as of 2022
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Share of respondents
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African Business. (August 18, 2022). Distribution of payment terms most frequently used by African businesses in import and export trade transactions as of 2022 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1327814/share-of-payment-terms-businesses-used-in-international-trade-transactions-in-africa/
African Business. "Distribution of payment terms most frequently used by African businesses in import and export trade transactions as of 2022." Chart. August 18, 2022. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1327814/share-of-payment-terms-businesses-used-in-international-trade-transactions-in-africa/
African Business. (2022). Distribution of payment terms most frequently used by African businesses in import and export trade transactions as of 2022. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1327814/share-of-payment-terms-businesses-used-in-international-trade-transactions-in-africa/
African Business. "Distribution of Payment Terms Most Frequently Used by African Businesses in Import and Export Trade Transactions as of 2022." Statista, Statista Inc., 18 Aug 2022, https://www.statista.com/statistics/1327814/share-of-payment-terms-businesses-used-in-international-trade-transactions-in-africa/
African Business, Distribution of payment terms most frequently used by African businesses in import and export trade transactions as of 2022 Statista, https://www.statista.com/statistics/1327814/share-of-payment-terms-businesses-used-in-international-trade-transactions-in-africa/ (last visited July 22, 2024)
Distribution of payment terms most frequently used by African businesses in import and export trade transactions as of 2022 [Graph], African Business, August 18, 2022. [Online]. Available: https://www.statista.com/statistics/1327814/share-of-payment-terms-businesses-used-in-international-trade-transactions-in-africa/