Trade between Africa and China benefits the latter more. Even though the growth of African exports exceeds its imports, the continent does not emerge as a winner, especially since it primarily sells raw materials.
During the first quarter of 2024, Chinese imports from Africa increased by 8% to reach $29.42 billion.
At the same time, according to the General Administration of Customs of China, Chinese exports to Africa grew by 4.4% from January 1 to March 31, 2024, reaching $41.4 billion.
Overall, trade between the two parties increased by 5.9% year-on-year during the first three months of the current year, amounting to $70.86 billion.
These exchanges are not favorable to Africa, which thus records a deficit of $12 billion.
The increase in Chinese purchases is notably due to the rise in imports of minerals, particularly metals used for the production of electric vehicle batteries and gold.
It has also been facilitated by the increase in prices of several raw materials and the incentive measures taken by Beijing to develop trade with Africa, such as the elimination of customs duties on 98% of products imported from more than twenty countries on the continent.
Chinese exports to Africa are mainly composed of finished products (textiles and clothing, machinery, electronics, etc.), while African exports remain dominated by raw materials such as crude oil, copper, cobalt, and iron ore.
