(Ecofin Agency) - Despite lifting tariffs on 98% of products from 21 African nations in the past two years, China maintains a trade surplus, with its exports to Africa dominated by finished goods.

The State Council's Customs Tariff Commission announced on December 6, 2023, that China will impose zero tariffs on 98% of imports from Angola, Gambia, Democratic Republic of the Congo, Madagascar, Mali, and Mauritania, effective from December 25, 2023. This move enables the beneficiary nations to export to China without facing customs duties on "over 8000 different tariff lines."

Over the past two years, China removed tariffs on 98% of products from 21 African nations, including Ethiopia, Niger, Benin, Mozambique, and Sudan. This tariff reduction aligns with Beijing's plan to boost agricultural imports from Africa, as outlined by President Xi Jinping during the 8th ministerial conference of the Forum on China-Africa Cooperation (FOCAC 8) in Dakar in November 2021. Xi aimed to increase China's imports from Africa to $100 billion annually from 2022 and $300 billion annually by 2035. Data from China's General Administration of Customs in August revealed that trade between China and Africa reached $156.4 billion in the first seven months of 2023, a 7.4% increase from the same period in 2022.

From January 1 to July 31, 2023, China's exports to African countries surged by 20%, reaching about $97.8 billion. During the same period, Chinese imports from Africa amounted to $58.6 billion. China mainly ships finished goods (textiles, machinery, electronics) to Africa, while it mainly receives raw materials such as crude oil, copper, cobalt and iron ore from the continent, resulting in an ever-growing trade surplus.