As China’s presence in Africa, and the debate over the effect, grows larger by the year, it is imperative to look at key figures to understand in what position the two stand at the moment. Business Insider Africa published 5 major points that can provide a fuller picture of the trade relationship between the two.
- Trade between both parties in 2022 thus far (October) has been evaluated at $137.4bn indicating a 16.6% compared to the same period in 2021.
- China’s import from Africa currently stands at $60.6 billion compared to its export to the continent of $76.8 billion, indicating the closing of a trade gap between both parties. This can be attributed in part to the 19.1% increase in African products imported by China since the beginning of 2022.
- Trade between China and Africa is worth eight times more than trade between the United States and Africa, and fifteen times more than trade between France and Africa. In 2021 alone, China’s trade with Africa reached a historical high of $254 billion. This, along with a staggering 2 million Chinese individuals residing in African countries due to financial interest in the continent, indicates the growing presence of China in Africa.
- The top African countries conducting the most trade with China are South Africa, Nigeria, Angola, and Egypt, with 2021 trade valuations that stood at $54 billion, $26 billion, $23 billion, and $19 billion respectively. However, China will reportedly deploy 500 Chinese agricultural experts to Africa, release $10 billion in trade credit, and has been eyeing agricultural projects across Africa to diversify its imports.
- Despite these seemingly progressive figures, Africa as a continent combines to account for just 3% of China’s imports while Europe and Asia account for a combined 36% of all its imports to it, while the US alone accounts for 10%.
Source: Business Insider Africa
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