Trade import and export volumes between China and countries from Africa reached $116bn in the first seven months of 2018 up 18.7 percent year-on-year.
China’s exports to Africa were worth $59.36bn – an increase of 8.8 percent compared to last year while its import volume rose 31.3 percent to stand at US$56.81bn. The figures were announced by the Chinese Ministry of Commerce (MOC) on its website on Sunday 26 August, 2018.
According to Chinese Ministry of Finance, China’s imports from Africa hit a global high over the seven-month period, while the trade volume between the two sides was second only to the figure recorded between China and Latin America.
China has continuously called for the strengthening of bilateral ties with African countries. According to data from the Department of African Affairs at China’s Ministry of Foreign Affairs, China-Africa trade has grown from a mere $765m to $170bn over the past four decades – a 200-fold increase. China has also maintained its position as Africa’s largest trading partner for eight consecutive years.
The Forum on China-Africa Cooperation (FOCAC) -one of China’s largest diplomatic events of the year – will be held in Beijing on September 3 and 4. During the meeting, Chinese President Xi Jinping plans to introduce the new facets of China’s cooperation with Africa, while leaders from both sides will work together to find new cooperation opportunities under the Belt and Road framework.
