China’s economic ties with Africa continue to flourish, with trade between the two continents showing robust growth in the first seven months of 2024.
Official figures from China’s General Administration of Customs reveal a 5.5 percent year-on-year increase in trade volume, reaching 1.19 trillion yuan (approximately $166.6 billion) during the January-July period.Â
This sustained growth solidifies China’s position as Africa’s top trading partner for an impressive 15 consecutive years, WAM reported.
In 2023, bilateral trade reached a record high of $282.1 billion, marking a 1.5 percent year-on-year increase and demonstrating remarkable resilience.
China’s exports to Africa are further witnessing a surge in high-tech sectors, with new energy vehicles, lithium batteries, and photovoltaic products experiencing significant growth. These exports saw a remarkable 291 percent, 109 percent, and 57 percent year-on-year increase, respectively.
Simultaneously, China’s imports from Africa are expanding, particularly in agricultural products. Imports of nuts, vegetables, flowers, and fruits from Africa surged by 130 percent, 32 percent, 14 percent, and 7 percent, respectively, compared to the previous year.
Expanding into Egypt with $400 million investment
In May 2024, China’s Xinxing Ductile Iron Pipes Corporation announced its plan to invest $400 million in Egypt . This investment, part of the company’s expansion strategy, will be spread over the next five years.Â
CEO Ye Maolin further revealed that the company’s first Egyptian facility is scheduled to begin operations by the end of 2024. This facility will boast three production lines and require an initial investment of approximately $150 million.
Moreover, the company aims to export 80 percent of the plant’s annual production, estimated at $200 million, to the Middle East and Africa (MEA) region over the next five years. The remaining 20 percent of production will be dedicated to the Egyptian market.
For more news on logistics, click here.
