China and African countries enjoy close trade and economic ties as a result of mutually beneficial and win-win cooperation. China has been Africa’s largest trading partner for 15 consecutive years. It is also the fourth largest source of investment in Africa.
<img src='https://news.cgtn.com/news/2024-08-22/Graphics-China-Africa-trade-economic-ties-going-strong-1wgIiQjHhO8/img/d64dfc0470894e9d8154bdd59a12e141/d64dfc0470894e9d8154bdd59a12e141.jpeg' alt=''
China-Africa trade reached a record high of $282.1 billion in 2023. In the year, China’s new energy vehicles and lithium batteries exports to Africa jumped by 291 percent and 109 percent year on year while China’s imports of African nuts and vegetables increased by 130 percent and 32 percent, respectively.
To boost imports from Africa, China has waived tariffs on 98 percent of taxable imports from 21 least-developed countries in Africa, opened “green lanes” for African agricultural exports to China, and helped African products enter Chinese market via cross-border e-commerce platforms.
In the first half of this year, China imported goods worth $60.1 billion from Africa, a significant year-on-year increase of 14 percent. The amount of agricultural products that China imported from Africa has achieved positive growth for seven consecutive years.
In 2023, China’s imports of fresh pears from South Africa increased by 1,733 percent year on year, and the amount of avocados imported from Kenya increased by 624 percent compared to a year ago.
As of the end of 2023, Chinese investment stock in Africa had exceeded $40 billion. China has signed the Memorandum of Understanding on Belt and Road Cooperation with 52 African countries and the African Union. A total of 3,323 Chinese enterprises had invested in 52 African countries, as of the end of 2022.
