China-Africa trade rises 5.5% to $166.6b in H1 of ’24

Trade between China and Africa rose 5.5 per cent year on year to 1.19 trillion yuan (about $166.6 billion) from January to July, data released by the General Administration of Customs (GAC) showed on Wednesday. China has been Africa’s largest trading partner for 15 years, with 2023 trade hitting a record $282.1 billion, up 1.5 per cent from the previous year.

China’s exports of new energy vehicles, lithium batteries, and photovoltaic products to Africa surged by 291 per cent, 109 per cent, and 57 per cent respectively.

Imports of African nuts, vegetables, flowers, and fruits grew by 130 per cent, 32 per cent, 14 per cent, and 7 per cent respectively. Trade in intermediate goods, which make up 68 per cent of the total trade, increased by 6.4 per cent in the first seven months of the year.

From January to July, China exported 697.93 billion yuan worth of goods to Africa and imported 490.89 billion yuan. According to Lyu Daliang from GAC, the trade in intermediate goods supports Africa’s industrialisation and economic diversification.

Sang Baichuan from the Institute of International Economy emphasised the mutual benefits of China-Africa trade, highlighting China’s technology and capital alongside Africa’s manpower and resources. The China-Africa Trade Index, which hit a record 990.55 points in 2022, underscores the rapid trade growth.

Notably, The 2024 Forum on China-Africa Cooperation (FOCAC) Summit will be held in Beijing from September 4 to 6, with the theme Joining Hands to Advance Modernisation and Build a High-Level China-Africa Community with a Shared Future, as announced by the Chinese Foreign Ministry.

Attribution: Xinhua

Subediting: Y.Yasser