Accumulated growth exceeds 20 times! China Africa Trade Index Releases Africa Trade Index for the First Time

Release time:Apr 14, 2024 00:33 AM

On June 29th, the General Administration of Customs released the "China Africa Trade Index" for the first time during the third China Africa Economic and Trade Expo. The index has a base value of 100 points in 2000 and reached 990.55 points in 2022, showing a rapid and positive development trend, continuously climbing to new heights. During the same period, China's import and export value to Africa increased from less than 100 billion yuan to 1.88 trillion yuan, a cumulative increase of over 20 times, with an average annual growth rate of 17.7%. China has remained the largest trading partner in Africa for 14 consecutive years. In the first five months of this year, China Africa trade continued to maintain a good momentum, with an import and export value of 822.32 billion yuan, a year-on-year increase of 16.4%.

Lu Daliang, spokesperson for the General Administration of Customs and Director of the Department of Statistics and Analysis, stated that the compilation and regular release of the China Africa Trade Index can objectively reflect the current situation and development potential of China's trade in goods with Africa, and play a positive role in further promoting economic and trade exchanges between China and African countries.

Since 2000, China Africa trade has developed rapidly, with continuous expansion in scale and improvement in quality. The "China Africa Trade Index" accurately captures and reflects the trend characteristics of trade development between China and Africa:

The scale of trade is constantly increasing. The trend of China Africa trade scale indicators continues to improve, with the index reaching 1855.16 in 2022. The total import and export volume between China and African countries reached a historical high of 1.88 trillion yuan that year, a year-on-year increase of 14.5%.

Trade connections are becoming increasingly close. The closely related indicators of China Africa trade have fluctuated upwards, with the highest point at 293.0 in 2021 and a slight decrease to 286.8 in 2022. In 2022, China's exports to Africa accounted for 4.6% of China's total exports, while Africa's exports to China accounted for nearly 15% of Africa's total exports. China is the largest export destination country in Africa.

The trade structure is full of highlights. The overall trend of trade structure indicators is on the rise, reaching 143.69 in 2022. The main products exported by China to Africa are concentrated in mechanical and electrical products, labor protection products, and steel. The main products imported by China from Africa are energy, metal ore, and agricultural products.

The trade potential continues to increase. The trade potential indicator has always maintained an upward trend, reaching 761.04 in 2022. China and Africa are experiencing active economic development and increasingly close economic and trade cooperation. China needs more "African products" and Africa also needs more "made in China". The prospects for bilateral trade development are broad.

The vitality of the enterprise is constantly increasing. The trade vitality index between China and Africa has maintained a good growth trend, reaching 833.11 in 2022. From the perspective of enterprise import and export scale, the proportion of import and export value of large enterprises has been increasing year by year, reaching about 90% in 2022; The number of small businesses has rapidly increased by about 10 times, from over 10000 in 2000 to over 100000 currently.

Lv Daliang introduced that the "China Africa Trade Index" comprehensively showcases the achievements of China Africa trade development, vividly casting the long-standing spirit of friendly cooperation between China and Africa into the continuously rising economic and trade curve. As a barometer and wind vane for the development of China Africa trade, it will provide scientific basis for government departments to formulate and improve trade policies, provide information support for the business decision-making of import and export enterprises, and help China Africa economic and trade cooperation reach a new level.

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