China and African countries are strengthening their economic and trade ties, with recent data revealing significant increases in trade volume and diversified commodities and services on both sides.
According to the General Administration of Customs (GAC) of China, trade between China and Africa rose by 5.5 percent year-on-year to 1.19 trillion yuan (about $166.6 billion) between January and July. This marks the 15th consecutive year that China has been Africa’s largest trading partner.
In 2023, China-Africa trade reached a record high of $282.1 billion, up 1.5 percent from the previous year, showcasing strong resilience in their economic relationship. Exports of China’s new energy vehicles, lithium batteries, and photovoltaic products to Africa surged by 291 percent, 109 percent, and 57 percent year-on-year, respectively.
Meanwhile, China’s imports of African agricultural products saw significant growth, with nuts increasing by 130 percent, vegetables by 32 percent, flowers by 14 percent, and fruits by 7 percent compared to the previous year.
The GAC also reported that China’s trade with Africa in intermediate goods posted a 6.4 percent year-on-year growth in the first seven months of the year. Trade in intermediate goods accounts for 68 percent of the total value of bilateral trade, aiding Africa’s industrialization and economic diversification efforts.
“China and African economies are highly complementary,” said Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics. “China possesses mature and applicable technologies, equipment, and sufficient capital, while African countries have significant advantages in terms of manpower and natural resources.”
Sang added that the rapid growth of China-Africa trade is a result of mutually beneficial 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.”
The China-Africa Trade Index, based on trade-indicator data between China and African countries, was released by the GAC in 2023. Starting from a benchmark of 100 points in 2000, the index reached a record high of 990.55 points in 2022, indicating rapid and positive development in China-Africa trade.
The upcoming 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) will be held in Beijing from September 4 to 6. Lyu Daliang, an official with the GAC, expressed expectations that both sides will enhance their economic and trade cooperation during the summit.
Under the theme “Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future,” the FOCAC meeting will be the fourth time the forum is held in the form of a summit. The event will provide an opportunity for both sides to renew friendships, discuss cooperation, and map out the future, according to the Chinese foreign ministry.
Reference(s):
cgtn.com
