Two way trade between China and Africa will exceed $100 billion for the first time.
The bilateral trade volume between China and African countries is expected to exceed US$100 billion by the end of this year, said Zhong Manying, chief of the Department of Western Asian and African Affairs with the Chinese Ministry of Commerce (MOC) at a news conference for the African Commodities Exhibition Center held in Yiwu, Zhejiang Province. Since year 2000, China-Africa trade has been enjoying an annual growth rate of 33.5 percent.
In recent years, the bilateral trade has grown quickly thanks to the further enhanced friendship between China and African countries. By the end of year 2009, the trade volume between the two sides has soared to a record high of US$91.066 billion. China has become the third largest trading partner of Africa for the first time. The Yiwu Fair, as a shared platform for global trade of small commodities, is a bridgehead for China’s trade with African countries. Since year 2007, the Yiwu Fair has exported goods to 46 African countries and regions. In 2008, 3 African countries ranked top 10 export destinations of Yiwu’s small commodities. As by the end of 2009, 204 African organizations had set up representative offices and over 1000 African merchants taken up residence at Yiwu permanently. In the context of the new situation, to develop trade relationship with African countries has become a new growth point for Yiwu’s economy.
This isn’t too surprising, rather it is expected given the rapidly expanding, growing Chinese economy. Across Africa, the Chinese are outdoing themselves in scooping up deals that secure the lion’s share of the continent’s immense mineral treasure house, eclipsing their main competitors, the United States, India and Europe, while leaving Japan trailing far behind. Expect this trend to continue.