China and African nations have strengthened their economic and trade relations, marked by increasing trade volumes and a wider variety of goods and services exchanged, according to recent data.
Trade between China and Africa grew by 5.5% year-on-year to 1.19 trillion yuan (approximately $166.6 billion) from January to July, as reported by China’s General Administration of Customs (GAC).
For 15 consecutive years, China has remained Africa’s largest trading partner, with China-Africa trade hitting a record $282.1 billion in 2023, a 1.5% year-on-year increase, reflecting the resilience of their trade relationship.
Exports of China’s new energy vehicles, lithium batteries, and photovoltaic products to Africa surged by 291%, 109%, and 57% respectively in 2023, while China’s imports of African nuts, vegetables, flowers, and fruits rose by 130%, 32%, 14%, and 7% year-on-year.
Additionally, China-Africa trade in intermediate goods increased by 6.4% year-on-year during the first seven months of the year, accounting for 68% of total bilateral trade and supporting Africa’s industrialization and economic diversification efforts, said GAC official Lyu Daliang.
From January to July, China’s exports to Africa totaled 697.93 billion yuan, while imports from Africa reached 490.89 billion yuan, according to customs data.
Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, credited the rapid growth of China-Africa trade to mutually beneficial cooperation, which supports China’s economic development and contributes to Africa’s social progress and improved living standards.
The China-Africa Trade Index, launched by GAC in 2023 and based on data from 2000, began at 100 points and reached a record high of 990.55 points in 2022, highlighting the rapid development of China-Africa trade.
Moreover, Sang emphasized the complementarity of China and Africa’s economies, noting that China’s advanced technologies, equipment, and capital, combined with Africa’s abundant manpower and natural resources, create opportunities for mutual benefits and win-win outcomes.
Further, the 2024 Forum on China-Africa Cooperation (FOCAC) Summit, scheduled for September 4-6 in Beijing, will focus on deepening economic and trade ties. The summit’s theme is “Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future.” This year’s summit marks the fourth such gathering, where the two sides will strengthen their partnership, discuss cooperation, and plan for the future, according to the Chinese foreign ministry.
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