China mainly exports finished goods to the continent and imports raw materials, resulting in a chronic trade surplus in Beijing's favor. 

Trade between China and Africa increased 13,9 percent year-on-year in the first two months of 2024 to $47,68 billion, according to data released by China's General Administration of Customs on Friday, March 8.

Exports from the Middle Kingdom to African countries increased by 21% between January 1 and February 29 of the current year compared to the same period last year, to $28,78 billion. Chinese imports from the continent increased by 4,5%, to $18,89 billion.

Chinese exports to Africa are mainly composed of finished products (textiles and clothing, machinery, electronics, etc.), while African imports to the Middle Kingdom are dominated by raw materials such as crude oil, copper, cobalt and iron ore; hence a chronic trade surplus in favor of China.

In order to reduce this trade imbalance, Beijing has removed customs duties on 98% of products imported from 21 African countries, including Ethiopia, Guinea, Mozambique, Rwanda and Togo.

This tariff dismantling follows the announcement by Chinese President Xi Jinping, at the 8th Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC 8) held in Dakar in November 2021, of Beijing's intention to increase its imports of African agricultural products.

The Chinese leader then indicated that the objective is to increase total Chinese imports from the African continent to 100 billion dollars per year from 2022, then to 300 billion dollars per year by 2035.

South Africa is China's largest trading partner in Africa, with bilateral trade reaching $9,55 billion in the first two months of 2024. The Middle Kingdom's other major trading partners on the continent are: Nigeria, Angola and the Democratic Republic of Congo.

Ecofin Agency