According to a report on the website of Hong Kong’s South China Morning Post on August 6, boosted by the recovery in commodity (especially oil) prices, the trade volume between China and Africa increased by 16.6% in the first half of this year, reaching US$137.4 billion.
China-Africa trade has overcome the impact of the epidemic and continued to grow
According to data released by the General Administration of Customs of China, China imported US$60.6 billion worth of goods from Africa in the first half of this year, an increase of 19.1% compared with the same period in 2021. Meanwhile, exports to the African continent increased by 14.7% to $76.8 billion.
South Africa
According to data from the General Administration of Customs, from January to June 2022, the total value of imports and exports between my country and South Africa reached US$25.376 billion. Among them, my country’s exports to South Africa were US$11.096 billion, a year-on-year increase of 17.8%, and my country’s imports from South Africa were US$14.281 billion, a year-on-year decrease of 11.7%. In June, the total value of imports and exports between my country and South Africa reached US$5.124 billion. my country exported US$2.054 billion to South Africa and imported US$3.070 billion from South Africa.
Angola
According to Chinese Ambassador to Angola Gong Tao at a media press conference on August 4, China-Angola trade volume increased by 42% year-on-year in 2021, reaching US$23.35 billion. In the first half of 2022, trade between the two countries continued to maintain a good momentum, with trade volume reaching US$14.42 billion, a year-on-year increase of 33%. China continues to be Angola’s main economic partner. The ambassador also revealed that tariff exemptions for Angola’s exports to China are also being negotiated, mainly for oil, followed by decorative stones.
Nigeria
According to the latest statistics from China Customs, in the first half of 2022, the bilateral trade volume between China and Nigeria was US$12.02 billion, a year-on-year increase of 7.1%. Among them, China’s exports to Nigeria were US$11.01 billion, a year-on-year increase of 10.2%; China’s imports from Nigeria were US$1.02 billion, a year-on-year decrease of 17.7%; the trade surplus was US$9.99 billion, a year-on-year increase of 14.1%. Nigeria continues to remain China’s largest exporter and third largest trading partner to Africa (the top two trading partners are South Africa and Angola).
In addition, in the first half of 2022, the trade volume between China and the 15 countries of the Economic Community of West African States (hereinafter referred to as “ECOWAS”) was US$33.29 billion, a year-on-year increase of 16.8%. Among them, China’s exports to ECOWAS were US$26.96 billion, a year-on-year increase of 15.3%; China’s imports from ECOWAS were US$6.32 billion, a year-on-year increase of 23.8%. Nigeria accounts for 36.1% of China’s trade with ECOWAS.
Africa’s exports to China are booming
According to reports, Charles Robertson, chief economist of Russia’s Renaissance Capital Bank, said that the recovery in commodity prices will drive the growth of China’s imports from Africa.
In 2021, the total trade between Africa and China increased by 35.3% year-on-year to US$254.3 billion, while China’s imports from Africa exceeded the pre-epidemic figure, increasing by 43.7% to US$105.9 billion.
In the first half of this year, China’s imports from some African countries increased significantly, including Ghana, Djibouti, Congo (DRC), Cote d’Ivoire, Equatorial Guinea, Zambia, Angola and Congo (Brazzaville).
Most of these countries are rich in resources and provide important goods to China. Angola sells most of its oil to China, and Congo is the source of much of China’s cobalt, a key component of batteries for electric cars, smartphones, tablets and laptops. Zambia, meanwhile, is Africa’s second-largest copper producer and has attracted many Chinese companies.
According to reports, in May this year, Wu Dong’an, chief economist of Oxford Economics in Hong Kong, said that demand for African agricultural products is unlikely to be affected by recent epidemic control measures in Chinese cities because Beijing prioritizes food security. .
He added: “With China prioritizing the development of electric vehicles and batteries and green energy facilities, demand for these products is also unlikely to be affected.”
According to reports, Verage Fourier, an emerging market economist at Capital International Macroeconomic Consulting in the UK, said that despite the recent slowdown in economic growth, trade between China and Africa is still growing at a healthy rate.
“Rising commodity prices, especially oil and metal prices, may have supported China’s commodity imports from major African producers,” she said.
The variety of trade commodities continues to expand
According to reports, most of China’s exports to Africa are manufactured products from textiles to electronic products, while Africa’s exports are mainly raw materials and primary products.
Last month, Ethiopian Airlines launched a flight between Addis Ababa and Lake…A new cargo route between Changsha, the provincial capital, which authorities hope will become a key hub for China-Africa trade and logistics.
According to media reports, this route is expected to transport 17,000 tons of cargo between Changsha and Addis Ababa each year.
The report pointed out that African countries have also benefited from some agricultural products agreements, which will allow them to export more agricultural products to China, including coffee beans, avocados, peppers, cashews, sesame seeds and spices.
Official data shows that China imported nearly 100 million tons of soybeans last year, including more than 263,300 tons of soybeans imported from Africa – a fourfold increase year-on-year.
According to reports, earlier this year, China and Kenya signed an agreement to allow fresh avocados to enter the Chinese market. Previously, the Chinese market only accepted frozen fruits.
The first batch of fresh avocados exported to China has departed from Kenya. Wu Peng, director of the African Department of the Chinese Ministry of Foreign Affairs, wrote on Twitter: “I have been told that Chinese importers have shown strong interest in these high-quality avocados and plan to expand imports. I look forward to more good news on African agricultural imports. ”
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