China-Africa trade hit US$282 billion in 2023 but Africa’s trade deficit widens, with commodity prices a key factor
- Africa’s trade deficit expanded to US$64 billion as China recorded a drop in trade with top partners on continent which are predominantly resource rich
- Analyst predicts it will take time and long-term effort to find a trade balance, and China might need to offer something new
Chinese exports to Africa reached US$173 billion, an increase of 7.5 per cent over 2022, while its imports from the continent dropped by 6.7 per cent to US$109 billion, figures from the General Administration of Customs showed.
While the US$100 million year-on-year increase made 2023 bilateral trade a record, Africa’s trade deficit with China continued to expand, from US$46.9 billion in 2022 to US$64 billion last year.
10:26
Yemen’s Houthi fighters behind Red Sea attacks threaten to disrupt global trade
In Beijing, trade officials tried to strike an upbeat tone, hailing China’s role as Africa’s largest trading partner “for 15 consecutive years”.
“The 1.5 per cent growth was … a reflection of strong resilience of the China-Africa trade,” Jiang Wei, head of the commerce ministry’s West Asian and African affairs department, told reporters on Wednesday.
Last year, the value of China’s total global trade slumped 5 per cent from the previous year to US$5.93 trillion.
