China’s Trade with Africa Hits 1.19 Trillion Yuan in 2024, Led by Rising Imports of African Agricultural Products and Exports of New Energy Vehicles
Fiona Nanna, ForeMedia News
5 minutes read. Updated 4:33AM GMT Wed, 4 September, 2024
China’s trade with Africa has shown remarkable resilience, growing steadily in the first seven months of 2024, with trade volumes reaching 1.19 trillion yuan (approximately 166.6 billion U.S. dollars), marking a 5.5% increase year-on-year, as per the latest data from the General Administration of Customs (GAC). This upward trend highlights the robust economic relationship between China and Africa, reflecting the continued expansion of trade partnerships across various sectors.
In 2023, China-Africa trade soared to a record high of 282.1 billion U.S. dollars, a 1.5% increase compared to the previous year. This growth underscores the strong economic ties that have been fostered over the years, as China continues to be Africa’s largest trading partner for 15 consecutive years. Notably, China’s imports from Africa saw significant increases, with imports of nuts, vegetables, flowers, and fruits rising by 130%, 32%, 14%, and 7%, respectively, compared to 2022.
Meanwhile, exports of China’s new energy vehicles, lithium batteries, and photovoltaic products to Africa surged by 291%, 109%, and 57% year-on-year, respectively. These figures reflect a growing demand in Africa for sustainable and innovative technologies from China, which aligns with the continent’s pursuit of greener and more diverse energy sources.
For the first time in 2023, the GAC introduced the China-Africa Trade Index, setting the baseline at 100 points in 2000. By 2022, the index had skyrocketed to an all-time high of 990.55 points, demonstrating the rapid and positive development of trade between China and Africa. The index serves as a critical benchmark for evaluating the growth trajectory of this bilateral trade relationship, which has evolved significantly over the past two decades.
Lyu Daliang, director of the statistics and analysis department under the GAC, emphasized the strategic importance of China-Africa economic and trade cooperation. “China has long been committed to deepening China-Africa economic and trade cooperation, with ever closer industrial ties. In the first seven months of this year, trade in intermediate goods between China and Africa grew by 6.4% year-on-year, accounting for 68 percent of the total bilateral trade value. This growth supports Africa’s industrialization and economic diversification efforts,” Lyu stated.
Looking ahead, the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC), scheduled to be held in Beijing from September 4 to 6, is expected to further enhance economic and trade cooperation between the two sides. As both China and Africa continue to navigate the complexities of global trade, their partnership is poised to become even stronger, driven by mutual interests in sustainable development and economic resilience.
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Explore the growing economic ties between China and Africa, with trade reaching 1.19 trillion yuan in 2024. Learn about the upcoming Forum on China-Africa Cooperation and the latest trade statistics reflecting a resilient partnership.
