(Ecofin Agency) - China's exports to African countries increased by 7.5% in 2023, while the opposite movement decreased by 6.7%.

China and Africa traded $282.09 billion worth of goods in 2023, marking a 1.5% increase compared to 2022, the General Administration of Chinese Customs reported. Chinese exports to African nations rose by 7.5% to reach $172.78 billion in the past year, while Chinese imports from Africa totaled $109.31 billion, reflecting a 6.7% decline yoy.

To justify this decline in imports, the General Administration of Chinese Customs cited the decline in the prices of several commodities, of which the Asian giant is a major consumer. Regarding exports, China mainly sells finished products (textiles, machinery, electronics, etc.) to Africa. For imports, the country primarily buys raw materials such as crude oil, copper, cobalt, and iron ore, resulting in a chronic trade surplus for China.

To address this persistent trade imbalance, China has removed tariffs on 98% of products imported from 21 African countries over the past two years, including Ethiopia, Guinea, Mozambique, Rwanda, and Togo. This move is a response to President Xi Jinping's declaration at the 8th Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC 8) in November 2021, where he stated China's commitment to boosting imports of African agricultural products. President Xi explained that the goal was to raise total Chinese imports from the African continent to $100 billion annually starting from 2022, and further to $300 billion annually by 2035.

Let’s note that South Africa remains China's top trading partner in Africa, with bilateral exchanges reaching $56.61 billion in 2023. Other significant partners include Nigeria, Angola, and the Democratic Republic of the Congo.