Africa’s bilateral trade with China surged to a record high in 2022, highlighting how Beijing’s commercial influence over the continent continues to dwarf that of the United States.
Beijing’s push to promote imports from Africa and rising commodity prices pushed trade up 11% to $282 billion last year. China’s exports to Africa were $164.49 billion, while imports reached $117.51 billion, according to available data. Nigeria is now Africa’s largest importer from China, while South Africa is the biggest exporter, followed by Angola and the Democratic Republic of the Congo. Natural resources such as crude oil, copper, cobalt and iron ore made up a large proportion of Africa’s exports to China, while frequently finished goods, such as machinery, electronics and textiles, constituted most of its imports. This resulted in a trade surplus in China’s favor.
The world’s second-largest economy is forecast to grow 4.9% this year, up from the 3% in 2022, which should in turn boost private consumption and assist global supply chains in recovering from Covid-19 lockdowns. China has a new policy that allows dozens of African countries to export some goods duty-free, in an effort to balance trade. Beijing is reportedly planning to increase African imports to $300 Billion by 2025. China’s relationship with Africa was also strengthened last year by mechanisms such as the Belt and Road Initiative, Forum on China and Africa Cooperation, and the China International Import Expo.
Source: north africa post
