China and Africa Strengthen Economic and Trade Relationships
Recent data indicates that China and African nations have strengthened their economic and trade relations, resulting in a significant rise in trade volume and a wider variety of commodities and services exchanged between them.
TroibNews 
Recent data indicates that China and several African countries have strengthened their economic and trade relationships, marked by a rising trade volume and a diverse range of commodities and services exchanged.
Between January and July, trade between China and Africa grew by 5.5 percent compared to the previous year, reaching 1.19 trillion yuan (approximately $166.6 billion), as reported by China's General Administration of Customs (GAC). For the past 15 years, China has maintained its status as Africa's largest trading partner.
In 2023, the trade volume between China and Africa peaked at a record high of 282.1 billion U.S. dollars, reflecting a 1.5 percent year-on-year increase, showcasing impressive resilience in their commercial interactions.
Exports from China to Africa in the realm of new energy vehicles, lithium batteries, and photovoltaic products saw staggering increases of 291 percent, 109 percent, and 57 percent respectively in 2023. On the other hand, imports from Africa to China also rose significantly, with nuts, vegetables, flowers, and fruits seeing increases of 130 percent, 32 percent, 14 percent, and 7 percent respectively compared to the previous year.
The GAC data further revealed that China's trade with Africa in intermediate goods experienced a growth of 6.4 percent year-on-year during the first seven months of the year. In fact, trade in intermediate goods constitutes 68 percent of the total bilateral trade value, positively contributing to Africa's industrialization and economic diversification efforts, according to Lyu Daliang, a GAC official.
During this period, China's exports to Africa amounted to 697.93 billion yuan, while imports totaled 490.89 billion yuan, as indicated by customs data.
Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, emphasized that the rapid growth of China-Africa trade is the result of mutually beneficial and win-win cooperation. "It not only demonstrates the remarkable achievements of China's high-quality economic development, but also plays a significant role in promoting Africa's social development and improving local people's living standards," he stated.
The China-Africa Trade Index, which uses trade-indicator data between China and African nations, was introduced for the first time by the GAC in 2023. This index, benchmarked against data from the year 2000, began at 100 points and surged to an all-time high of 990.55 points in 2022, reflecting the swift and positive evolution of China-Africa trade.
"China and Africa economies are highly complementary," noted Sang, pointing out that China has advanced technologies, equipment, and ample capital, while African nations excel in manpower and natural resources. He believes that enhancing trade relations between China and Africa can effectively leverage their respective strengths and large markets, facilitating mutual benefits and win-win development.
The Forum on China-Africa Cooperation (FOCAC) will host its 2024 Summit in Beijing from September 4 to 6, and Lyu anticipates that both parties will work to deepen their economic and trade cooperation. The theme for the upcoming FOCAC is "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future." This year's FOCAC meeting marks the fourth summit of the forum, during which they will renew friendships, explore cooperation, and chart their collaborative future, as stated by the Chinese foreign ministry.
(With input from Xinhua)
Alejandro Jose Martinez contributed to this report for TROIB News
Between January and July, trade between China and Africa grew by 5.5 percent compared to the previous year, reaching 1.19 trillion yuan (approximately $166.6 billion), as reported by China's General Administration of Customs (GAC). For the past 15 years, China has maintained its status as Africa's largest trading partner.
In 2023, the trade volume between China and Africa peaked at a record high of 282.1 billion U.S. dollars, reflecting a 1.5 percent year-on-year increase, showcasing impressive resilience in their commercial interactions.
Exports from China to Africa in the realm of new energy vehicles, lithium batteries, and photovoltaic products saw staggering increases of 291 percent, 109 percent, and 57 percent respectively in 2023. On the other hand, imports from Africa to China also rose significantly, with nuts, vegetables, flowers, and fruits seeing increases of 130 percent, 32 percent, 14 percent, and 7 percent respectively compared to the previous year.
The GAC data further revealed that China's trade with Africa in intermediate goods experienced a growth of 6.4 percent year-on-year during the first seven months of the year. In fact, trade in intermediate goods constitutes 68 percent of the total bilateral trade value, positively contributing to Africa's industrialization and economic diversification efforts, according to Lyu Daliang, a GAC official.
During this period, China's exports to Africa amounted to 697.93 billion yuan, while imports totaled 490.89 billion yuan, as indicated by customs data.
Sang Baichuan, dean of the Institute of International Economy at the University of International Business and Economics, emphasized that the rapid growth of China-Africa trade is the result of mutually beneficial and win-win cooperation. "It not only demonstrates the remarkable achievements of China's high-quality economic development, but also plays a significant role in promoting Africa's social development and improving local people's living standards," he stated.
The China-Africa Trade Index, which uses trade-indicator data between China and African nations, was introduced for the first time by the GAC in 2023. This index, benchmarked against data from the year 2000, began at 100 points and surged to an all-time high of 990.55 points in 2022, reflecting the swift and positive evolution of China-Africa trade.
"China and Africa economies are highly complementary," noted Sang, pointing out that China has advanced technologies, equipment, and ample capital, while African nations excel in manpower and natural resources. He believes that enhancing trade relations between China and Africa can effectively leverage their respective strengths and large markets, facilitating mutual benefits and win-win development.
The Forum on China-Africa Cooperation (FOCAC) will host its 2024 Summit in Beijing from September 4 to 6, and Lyu anticipates that both parties will work to deepen their economic and trade cooperation. The theme for the upcoming FOCAC is "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future." This year's FOCAC meeting marks the fourth summit of the forum, during which they will renew friendships, explore cooperation, and chart their collaborative future, as stated by the Chinese foreign ministry.
(With input from Xinhua)
Alejandro Jose Martinez contributed to this report for TROIB News
