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

Trade between China and Africa rose 13.9% year-on-year in the first two months of 2024 to $47.68 billion, according to data released on Friday March 8 by China's General Administration of Customs.

Exports from the Middle Kingdom to African countries rose by 21% to $28.78 billion between January 1 and February 29 this year, compared with the same period last year. Chinese imports from the continent rose by 4.5% to $18.89 billion.

Chinese exports to Africa consist mainly of finished goods (textiles-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, resulting in a chronic trade surplus in China's favor.

To reduce this trade imbalance, Beijing has abolished 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.

At the time, the Chinese leader indicated that the aim was to increase total Chinese imports from the African continent to $100 billion a year from 2022, then to $300 billion a year by 2035.

South Africa is China's biggest trading partner in Africa, with bilateral trade worth $9.55 billion in the first two months of 2024. The Middle Kingdom's other main trading partners on the continent are Nigeria, Angola and the Democratic Republic of Congo.

Agence Ecofin