Trade volume between China and Africa increased by 8.9%

Chinese media revealed that the volume of trade between China and Africa had risen by 8.9% in the first four months of this year, reaching about $94.4 billion.

Despite Beijing’s commitment to redressing the imbalance that characterizes its trade relations with Africa, Chinese imports from the continent recorded a double-dip in the first four months of this year, a statement from China’s customs services said.

China’s exports to Africa between January and April rose by 26.9% compared to the same period last year to $58.9 billion, yet Chinese imports from Africa fell by 11.8% year-on-year in the first four months of this year, limiting it to $35.5 billion.

According to analysts, the decline in the value of Chinese imports from Africa since the beginning of this year is mainly due to lower commodity prices and lower demand for minerals, in the context of a less active recovery than expected for the Asian giant.

Carlos Lopez, former Executive Secretary of the United Nations Economic Commission for Africa (ECA), said the slowdown in China’s economic growth due to protracted closures and geopolitical tensions that disrupted supply chains in 2022 had led to a significant increase in China’s mineral stocks and reduced demand for all Chinese goods. “

China exports to Africa textile industries, machinery and electronics, while from the brunette continent it imports raw materials such as crude oil, copper, cobalt and iron ore, resulting in a trade surplus in China’s favour.

According to ECOFIN, last September, Beijing abolished tariffs on 98% products imported from nine African countries, including Guinea, Mozambique, Rwanda and Togo, a measure that has been in place since September 1 is part of China’s new pricing policy announced in August of the same year.