Posted on 01/27/2023 5:57:21 AM PST by FarCenter
KAMPALA, Uganda -- Africa's bilateral trade with China surged to a record high last year, highlighting how Beijing's commercial influence over the continent continues to dwarf that of the U.S.
Rising commodity prices and Beijing's push to promote imports from Africa pushed trade up 11% to $282 billion in 2022. China's exports to Africa were $164.49 billion, according to Chinese customs authorities, while imports reached $117.51 billion.
Nigeria is now Africa's largest importer from China, while South Africa is the biggest exporter, followed by Angola and the Democratic Republic of the Congo.
A large proportion of Africa's exports to China were natural resources such as crude oil, copper, cobalt and iron ore, while its imports were frequently finished goods: machinery, electronics and textiles. This resulted in a trade surplus in China's favor.
China's economy is forecast by economists surveyed by Reuters to grow 4.9% this year, up from the 3% reported in 2022. This should boost private consumption and assist global supply chains in recovering from COVID lockdowns in the world's second-largest economy.
In an effort to balance trade, China has enabled dozens of African nations to begin exporting some goods duty free. The new policy includes over 8,800 commodities, with China aiming to increase African imports to $300 billion by 2025.
"Improved revenue will hit state accounts in natural resource-rich African exporters like Angola (oil) and Zambia (copper)," Kai Xue, a Beijing-based investment lawyer, told Nikkei Asia.
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Before 2000, the U.S. was by far the leader in global commerce: 80% of nations traded more with America than with China, according to the Lowy Institute, a think tank. By 2018, that figure plummeted to just 30%, as China overtook the U.S. in 128 of 190 nations.
(Excerpt) Read more at asia.nikkei.com ...
Copper, cobalt, and nickel.
In an unrelated subject, batteries and motors for electric vehicles use Copper, cobalt, and nickel.
China is the largest manufacturer of EVs and of batteries.
Let’s be clear! It’s all about the wet markets, and scouring Africa for those potent sexual potions, and shipping all insect and animal life to the Commies for food. With a little luck, the chinks will return home with some Ebola and a few other destructive pathogens!
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