Commodity price changes after 2000 and their effects on the economies of commodity-exporting African countries
Słowa kluczowe: commodities, prices, Africa, exports, economic growth
AbstraktAfter 2000, unprecedented rises in commodity prices were recorded. Despite sharp declines in the second half of 2008, from the beginning of 2001 to mid-2011 prices of primary commodities more
than tripled in value against the USD. The aim of the paper is to analyse the effects of commodity price changes after 2000 on the value of Africa’s exports and economic growth of commodityexporting African countries. Section 1 analyses the significance of primary commodities in African countries. Section 2 presents commodity price developments after 2000. Section 3 analyses relations between commodity price changes and changes in the value of Africa’s exports and economic growth of commodity-exporting African countries. The author uses mainly descriptive statistics as a method of analysis. The results of the analyses suggest that there is a strong shortterm relationship between commodity price changes and the value of Africa’s exports as well as between changes in commodity prices and changes in GDP in commodity-exporting African countries.