“In 2021, compared with the previous year, Ethiopia’s exports to China increased by 8 percent; new foreign direct investment (FDI) from Chinese companies to Ethiopia grew by 346 percent; the value of newly signed contract projects by Chinese companies in Ethiopia were up 25 percent,” said Zhao Zhiyuan, Chinese ambassador to Ethiopia quoted by Xinhua.

China has remained Africa’s largest trading partner for 12 consecutive years. According to the latest data released by the General Administration of Customs of China, the total bilateral trade between China and Africa in 2021 reached 254.3 billion U.S. dollars, up 35.3 percent year on year, among which, Africa exported 105.9 billion dollars of goods to China, up 43.7 percent year on year.

China has maintained its position as the largest investor in Africa over the last 10 years, according to a new report by Swiss-African Business Circle released in February.

The United States is the second-largest investor in Africa, followed by France and Turkey, in third and fourth positions, respectively.

Globally, Africa’s external trade performance in 2021 was very strong. According to the United Nations Conference on Trade and Development (UNCTAD) data in November, Africa’s import and export of goods increased by 31 percent and 40 percent respectively in the third quarter of 2021.

The UNCTAD believes that the African economy’s improvement in 2021 was mainly due to the improvement of the external environment, especially the active support of China and other markets that enhanced Africa’s export capacity. Africa’s trade growth has also been supported by higher commodity prices.

Over the past 10 years, China created 18,562 jobs a year on average in Africa with yearly increases, said the Swiss-African Business Circle report.

Source and Credit: Xinhua

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