China’s economic relationship with Africa continues to flourish, underscored by a notable 5.5 percent increase in trade during the first seven months of 2024. According to recent data from the General Administration of Customs (GAC), trade between China and Africa reached 1.19 trillion yuan, approximately 166.6 billion U.S. dollars, highlighting the enduring strength of this bilateral partnership.
The impressive growth follows a record-setting year in 2023, when China-Africa trade hit an unprecedented 282.1 billion U.S. dollars, marking a 1.5 percent year-on-year increase. This upward trajectory reflects the resilience and deepening economic ties between the two regions. The GAC’s data reveal significant shifts in trade patterns, with China’s imports of African agricultural products—nuts, vegetables, flowers, and fruits—showing remarkable increases. Specifically, imports of nuts surged by 130 percent, vegetables by 32 percent, flowers by 14 percent, and fruits by 7 percent compared to the previous year.
In parallel, exports of Chinese products to Africa have also soared. New energy vehicles, lithium batteries, and photovoltaic products experienced substantial growth, with year-on-year increases of 291 percent, 109 percent, and 57 percent, respectively. These figures underscore China’s expanding role as a key supplier of advanced technology and renewable energy solutions to the African market.
China’s dominance as Africa’s largest trading partner has now spanned 15 consecutive years, a testament to the robust and evolving nature of their economic interactions. The introduction of the China-Africa Trade Index in 2023 further illustrates this dynamic. Starting from a benchmark of 100 points in 2000, the index surged to a record 990.55 points by 2022, indicating a dramatic and positive development in trade relations over the past two decades.
Lyu Daliang, director of the GAC’s statistics and analysis department, emphasized the significance of these trends: “China has long been committed to deepening China-Africa economic and trade cooperation, with ever closer industrial ties. China’s trade with Africa in intermediate goods posted a 6.4 percent year-on-year growth in the first seven months of this year, accounting for 68 percent of the total value of bilateral trade. This growth is instrumental in assisting Africa in its process of industrialization and economic diversification.”
Looking ahead, the 2024 Summit of the Forum on China-Africa Cooperation is scheduled to take place in Beijing from September 4 to 6. This high-profile event is anticipated to further enhance the economic and trade cooperation between China and Africa, reinforcing their longstanding partnership and exploring new avenues for mutual growth.
As China and Africa continue to build on their economic relationship, both regions are poised to benefit from increased trade, technological exchange, and collaborative initiatives aimed at fostering sustainable development and industrial progress.
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