China-Africa Trade in Intermediate Goods Sees 6.4% Growth
Beijing, The Gulf Observer: China’s trade with Africa in intermediate goods posted a 6.4 percent year-on-year growth in the first seven months of 2024, according to official data released on Tuesday.
Trade in intermediate goods now constitutes 68 percent of the total value of bilateral trade between China and Africa, underscoring its significant role in aiding Africa’s industrialization and economic diversification. Lyu Daliang, an official with the General Administration of Customs, highlighted the importance of this trade in supporting the continent’s economic ambitions.
From January to July 2024, bilateral trade between China and Africa reached a total of 1.19 trillion yuan (approximately 166.48 billion U.S. dollars). China’s exports to Africa amounted to 697.93 billion yuan, while imports from the continent totaled 490.89 billion yuan, as per customs data.
Looking ahead, the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) is set to take place in Beijing from September 4 to 6. Lyu Daliang expressed optimism that the summit would lead to further deepening of economic and trade cooperation between China and Africa.
The theme of the 2024 FOCAC is “Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future,” as announced by the Chinese foreign ministry on July 30. The summit is expected to pave the way for enhanced collaboration and mutual development in the years to come.
