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The 2024 Forum on China-Africa Cooperation Summit (FOCAC) will be held in Beijing from September 4 to 6. President Xi Jinping attended the opening ceremony of the summit and delivered a keynote speech on September 5. During the summit, President Xi Jinping also held a welcome banquet and related bilateral activities for leaders of African members of FOCAC, representatives of relevant African regional organizations and international organizations, etc.
In recent years, China and Africa have continued to deepen trade cooperation, and the scale of imports and exports has increased rapidly. According to Chinese customs statistics, from 2000 to 2023, the scale of China-Africa trade increased from less than 100 billion yuan to 1.98 trillion yuan, with an average annual growth rate of 17.2%, 4.6 percentage points higher than the average annual growth rate of China's overall trade in goods during the same period.
Ships, automobiles, wind turbines and other electromechanical products drive the growth of exports to Africa
In the first seven months, China's exports to Africa amounted to 697.93 billion yuan, of which mechanical and electrical products accounted for 369.7 billion yuan, up 4.9%, accounting for 53% of China's total exports to Africa during the same period, driving the overall growth of exports to Africa by 2.5 percentage points. Exports of ships, automobiles, wind turbines and other products all showed a rapid growth trend, up 44.8%, 35.8% and 253.1% respectively.
Cooperation in the fields of energy and mining products and agricultural products will promote the entry of related products into the Chinese market
In the first seven months, China imported 490.89 billion yuan from Africa, an increase of 15.5%. Among them, the total imports of metal ore and energy products from Africa amounted to 162 million tons, worth 259.3 billion yuan, an increase of 8.8%, accounting for 52.8% of China's total imports from Africa. At the same time, agricultural product imports have become a new highlight of bilateral trade. In the first seven months, China imported 25.35 billion yuan of agricultural products from Africa, an increase of 7.2%, which was higher than the overall growth rate of China's agricultural product imports. The imports of African speciality agricultural products such as sesame, flue-cured tobacco, and macadamia nuts increased by 38.8%, 32.7%, and 106.2% respectively, accounting for more than 40% of China's imports of similar products.
Further reading
Morocco, the shining pearl in the northwest corner of Africa, has also become an emerging market that many exporters are competing to explore, providing exporters with unprecedented development opportunities.
SUMEC-ITC has always been committed to serving the needs of industrial customers and providing professional global supply chain integration service solutions. In recent years, it has closely followed the development trend of the North African market and has successfully helped multiple projects land in North Africa and go into production smoothly.
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Source: XINHUA NEWS