Published on March 7, 2025 – Updated on March 7, 2025

Research focus

Camille Da Piedade
Strategy Analyst, 
International Finance Corporation (IFC)

Luc Jacolin
Economist, Deputy Head,
Bank of France (Banque de France)

Patrick Plane
CNRS Director of Research,
CERDI-UCA-CNRS-IRD


Exports play a fundamental role in the diversification of goods produced and the sectoral development of Africa.  Due to the intensity of the global competition, boosting exports remains a major challenge. This article examines how real exchange rate undervaluation can provide a competitive advantage to achieve this goal. Covering 41 African countries between 1995 and 2017, it analyzes growth accelerations (surges) and their econometric determinants among149 primary and manufactured products (four-digit Harmonized System, HS4). Among these observations, 96 episodes of export surges are identified.

Read the blog article in French

Article reference

da Piedade, C., Jacolin, L., & Plane, P. (2024). Exchange rate undervaluation and African surges: What do we learn from exported products? The World Economy, November.