(3 Minutes Read) (Global)
Trade between China and Africa grew 1.5% in 2023 to reach USD 282 billion. Beijing has been the continent’s largest trading partner for 15 consecutive years and also assumes an important position as an investor in the region.
Chinese exports to African nations rose 7.5% to reach USD 173 billion in the past year. Chinese imports from Africa aggregated to USD 109 billion, reflecting a 6.7% decline year on year. This data was revealed by China’s customs department, which also expressed the hope that bilateral trade and investment would rise in the coming years.
Beijing’s trade surplus with Africa increased to USD 64 billion in 2023. Importantly, the China-Africa Trade Index, based on trade indicator data between China and African countries, was released for the first time in June 2023 at the opening of the third China-Africa Economic and Trade Expo.
The index captures the changes in trade and investments keeping the general index base in the year 2000 as 100 points. The index serves as a barometer of bilateral trade. In addition to the overall index, there are five first-level indicators such as trade scale, closeness, structure, potential and main-body vitality.
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https://trendsnafrica.com/evolving-dynamics-in-africa-us-vs-china/
China is Africa’s largest trading partner and its fourth-biggest source of investment. Bilateral trade between China and Africa stood at USD 282 billion in 2022. In the first four months of the year, China’s new direct investment in Africa reached 1.38 billion dollars, up 24 per cent year on year. There is an apprehension that in the later years, it might have slowed down, although www.trendsnafrica.com has yet to ascertain the official figures.
