Shanghai’s trade with Africa rises by 9.4% YoY in 7m

China’s financial hub, Shanghai, recorded a 9.4 per cent year-on-year increase in foreign trade with African countries, reaching 218.53 billion yuan ($30.73 billion) in the first seven months of 2024, according to official data released on Tuesday.

This substantial trade volume accounted for a substantial 18.4 per cent of the total China-Africa trade during the same period. Agricultural imports from Africa through Shanghai ports grew by 18 per cent year-on-year, totaling 5.43 billion yuan.

African specialty agricultural products play a significant role in China-Africa economic and trade cooperation. For instance, Shanghai’s Wusong Port handled over 6,000 tons of sesame from African countries.

Shanghai’s exports of mechanical and electrical products to Africa also saw a substantial increase, totaling 68.39 billion yuan. These products accounted for a significant 57.4 per cent of the city’s total exports to Africa during the period.

China has been Africa’s top trading partner for 15 years in a row. Bilateral trade increased by 5.5 per cent year-on-year to 1.19 trillion yuan from January to July, as reported by the General Administration of Customs.

Attribution: Xinhua

Subediting: M. S. Salama