China and African countries are deepening their economic and trade relationships, with trade volume reaching new heights and a diverse array of commodities and services exchanged between the two regions. According to the latest data from China's General Administration of Customs (GAC), trade between China and Africa rose by 5.5 percent year-on-year to 1.19 trillion yuan (approximately $166.6 billion) between January and July.
For the past 15 consecutive years, China has maintained its position as Africa's largest trading partner. In 2023 alone, China-Africa trade soared to a record high of 282.1 billion U.S. dollars, reflecting a 1.5 percent increase from the previous year and demonstrating remarkable resilience in the global market.
The surge in trade is particularly evident in the export sector. China's exports of new energy vehicles, lithium batteries, and photovoltaic products to Africa jumped by 291 percent, 109 percent, and 57 percent respectively in 2023. On the flip side, imports from Africa saw significant growth as well, with nuts increasing by 130 percent, vegetables by 32 percent, flowers by 14 percent, and fruits by 7 percent compared to the previous year.
GAC data highlights that trade in intermediate goods between China and Africa grew by 6.4 percent year-on-year in the first seven months of the year. These intermediate goods account for 68 percent of the total bilateral trade value, playing a crucial role in Africa's industrialization and economic diversification efforts, as noted by GAC official Lyu Daliang.
During the January-July period, China's exports to Africa reached 697.93 billion yuan, while imports stood at 490.89 billion yuan. Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, attributes the rapid growth in China-Africa trade to mutually beneficial and win-win cooperation. "It not only demonstrates the remarkable achievements of China's high-quality economic development but also plays a significant role in promoting Africa's social development and improving local people's living standards," Sang stated.
The China-Africa Trade Index, introduced by the GAC in 2023, measures trade-indicator data between China and African countries. Starting from 100 points in 2000, the index soared to a record 990.55 points in 2022, underscoring the swift and positive trajectory of China-Africa trade relations.
"China and Africa's economies are highly complementary," Sang added. "China offers mature technologies, equipment, and ample capital, while African countries provide significant strengths in manpower and natural resources."
Looking ahead, the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) is set to take place in Beijing from September 4 to 6. With the theme \"Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future,\" the summit aims to further enhance economic and trade cooperation, renew friendships, and chart a course for future collaboration, according to the Chinese foreign ministry.
Reference(s):
cgtn.com
