China-Africa trade volume hits record high, with agricultural and new energy products as highlights

In recent years, China-Africa trade has grown increasingly close, with various Chinese and African goods crossing oceans to enter each others markets. According to the latest data from the General Administration of Customs, China-Africa trade reached a historic high of $282.1 billion in 2023, up 1.5% year-on-year, demonstrating the strong resilience of China-Africa trade. In the first seven months of this year, Chinas trade with Africaimport and exportreached 1.19 trillion yuan, up 5.5% year-on-year. Among these, Chinas imports of nuts, vegetables, flowers, and fruits from Africa grew by 130%, 32%, 14%, and 7%, respectively;New energyautomobiles, lithium - ion batteries,photovoltaicproduct exports to Africa surged by 291%, 109%, and 57% year-on-year.

China has maintained its position as Africas largest trading partner for 15 consecutive years. In 2023, the General Administration of Customs released the China-Africa Trade Index for the first time, with a base value of 100 points in 2000, reaching 990.55 points in 2022, highlighting the rapid development trend of China-Africa trade. In recent years, China has continuously optimized its trade policies and measures for Africa, including implementing zero tariffs on 98% of tariff lines for some least-developed African countries, establishing green channels for African agricultural exports to China, and encouraging more African companies to join ChinasCross-border E-commerceplatforms.

China-Africa trade exhibits strong complementarity and promising growth momentum. Chinas imports of agricultural products from Africa have grown rapidly, such as a 1,733% year-on-year increase in fresh pear imports from South Africa and a 624% increase in avocado imports from Kenya in 2023. These specialty African agricultural products entering the Chinese market not only meet the diverse needs of Chinese consumers but also bring direct economic benefits to African agricultural producers.

Highlights of China-Africa trade development include: First, sustained growth in trade volume, with robust recovery since 2021 and a historic peak in 2023; second, increasingly diverse trade product categories, with more African specialty agricultural and food products entering the Chinese market, and some African raw materials being preliminarily processed locally before export to China; third, more pronounced mutual promotion between trade and investment, as Chinese companies investments in Africa support local processing of agricultural products and raw materials, expanding Africas export sources and local value-added.

In recent years, China and Africa have promoted trade development through various means. In 2021, China announced zero-tariff treatment for 98% of products from least-developed countries and accelerated related procedures, facilitating more African products entering the Chinese market. China has also assisted in building numerous fishing ports, roads, and other infrastructure, strengthening Africas customs and clearance capabilities.

Meanwhile, platforms such as the China-Africa Economic and Trade Expo and the China International Import Expo have enhanced the alignment of Chinese and African products and markets. Projects like the China-Africa Economic and Trade Cooperation Pilot Zone provide systematic transportation, distribution, trading, and sales services for China-Africa trade. The digital economy has also injected new momentum into China-Africa trade, with e-commerce activities like the African Products Online Shopping Festival becoming increasingly active, and electronic payments facilitating goods transactions.

Assistant Minister of Commerce Tang Wenhong stated at the 2024 FOCAC Summit press conference that China has always prioritized expanding imports from Africa, with agricultural imports from Africa achieving positive growth for seven consecutive years. To further tap import growth potential, China has implemented measures in platform building, import access expansion, and enhancing African export capacity, achieving notable results.