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Trade Volume Between China & Africa Already Exceeds $47 Billion This Year, Reports Say

Downtown Beijing China - Sputnik Africa, 1920, 12.03.2024
China-Africa relations have grown significantly over the past few decades, with China becoming one of the major players in the African continent in terms of trade, investment, and infrastructure development.
Trade volume between China and African countries has already exceeded $47 billion this year, media reported.
The trade volume grew by 13.9% in the first two months of this year. From January 1 to February 29, China's exports to Africa increased by 21% to reach $28.78 billion. China's imports from African countries increased by 4.5% to $18.89 billion.
China mainly sells manufactured goods to African countries, including textiles and clothing, machinery and electronics. Africa supplies China with raw materials: oil, copper, cobalt, iron ore.
The China-Africa Cooperation Vision 2035, released in 2021, outlines plans for China to support Africa in creating and establishing "Made in Africa" brands. Through collaboration, China aims to help Africa develop its manufacturing sector and connect to global industrial and supply chains.
China's President Xi Jinping (R) shows the way to Sierra Leone President Julius Maada Bio (L) during the welcome ceremony at the Great Hall of the People in Beijing on August 30, 2018.  - Sputnik Africa, 1920, 10.03.2024
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South Africa is China's largest trading partner in Africa. It is followed by Nigeria, Angola and the Democratic Republic of Congo.
On December 25, 2023, China granted zero tariff treatment to imports from six more African countries, promoting increased trade collaboration.
Commenting on this move, Bamidele Adekunle, author, researcher, and essayist affiliated with the University of Guelph and Toronto Metropolitan University told Sputnik Africa that the measure indicates China's "mutually beneficial" trade.