China’s Trade with Africa Sees Steady Growth
Trade Value Reaches Record High in 2023
China’s trade with Africa grew steadily in the first seven months of the year, rising 5.5 percent year on year to 1.19 trillion yuan (about 166.6 billion U.S. dollars), according to data released by the General Administration of Customs.
China-Africa trade reached a record high of 282.1 billion U.S. dollars in 2023, up 1.5 percent year on year, showing strong resilience.
Increased Exports and Imports
In 2023, China’s imports of African nuts, vegetables, flowers, and fruits increased by 130 percent, 32 percent, 14 percent, and 7 percent, respectively, from the previous year.
And China’s new energy vehicles, lithium batteries, and photovoltaic products exported to Africa increased by 291 percent, 109 percent, and 57 percent year on year, respectively.
China’s Position as Africa’s Largest Trading Partner
China has remained Africa’s largest trading partner for 15 consecutive years, according to the customs.
China-Africa Trade Index
The GAC released the China-Africa Trade Index for the first time in 2023, with the general index of data from 2000 serving as the benchmark.
Starting from 100 points in 2000, the index reached a record high of 990.55 points in 2022, indicating the rapid and positive development of China-Africa trade.
Quotes from Lyu Daliang
“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 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, which assisted Africa in its process of industrialization and economic diversification,” said Lyu Daliang, director of the statistics and analysis department under the GAC.
2024 Summit of the Forum on China-Africa Cooperation
The 2024 Summit of the Forum on China-Africa Cooperation will be held in Beijing from Sept 4 to 6, and it is expected that the two sides will further enhance their economic and trade cooperation.
Conclusion
China’s trade with Africa has seen steady growth, with the country remaining Africa’s largest trading partner for 15 consecutive years. The China-Africa Trade Index has also reached a record high, indicating the rapid and positive development of China-Africa trade.
FAQs
Q: What is the value of China’s trade with Africa in the first seven months of the year?
A: The value of China’s trade with Africa in the first seven months of the year is 1.19 trillion yuan (about 166.6 billion U.S. dollars).
Q: What is the record high value of China-Africa trade in 2023?
A: The record high value of China-Africa trade in 2023 is 282.1 billion U.S. dollars.
Q: What are the growth rates of China’s imports and exports of new energy vehicles, lithium batteries, and photovoltaic products?
A: The growth rates of China’s imports and exports of new energy vehicles, lithium batteries, and photovoltaic products are 291 percent, 109 percent, and 57 percent, respectively.
