Recently, the Research Institute of International Trade and Economic Cooperation of the Ministry of Commerce (referred to as the "Research Institute of the Ministry of Commerce") released the "Report on China Africa Economic and Trade Relations (2023)" on the opening day of the Third China Africa Economic and Trade Expo.
The report on China Africa Economic and Trade Relations shows a strong recovery in China Africa trade in goods. In 2021, the total trade in goods between China and Africa reached $254.29 billion, a year-on-year increase of 36%, the highest growth rate in nearly a decade. In 2022, the trade in goods between China and Africa further increased to 282 billion US dollars, a year-on-year increase of 10.9%. Among them, China's exports to Africa reached 164.49 billion US dollars and imports from Africa reached 117.51 billion US dollars, all three indicators reaching new historical highs.
China has maintained its position as Africa's largest trading partner for 14 consecutive years. South Africa, Nigeria, Angola, Egypt, and the Democratic Republic of Congo are China's top five trading partners. As of now, China has granted zero tariff treatment to 98% of the tariff products of 21 African least developed countries, which will further promote African countries to export more high-quality non resource products to China.
The report also shows that China's investment in Africa is becoming increasingly active. In 2021, China's direct investment in Africa overcame the impact of the epidemic and achieved significant growth. As of the end of 2021, the top five industries in China's direct investment stock in Africa were construction, mining, manufacturing, finance, leasing, and business services, accounting for 87.1% of China's direct investment stock in Africa.
In terms of project contracting, the report shows that under the multiple pressures of the COVID-19 and African debt risks, Chinese enterprises took the lead in resuming work and production in the African market, and maintained a certain growth momentum in non contracting projects. Africa remains the second largest market for China's foreign contracted projects.