Statistics

China-Africa trade to top $100b this year

(Xinhua)
Updated: 2010-10-03 15:00

BEIJING - The trade between China and African countries will rebound from a year ago and exceed $100 billion again this year, according to forecast by the Ministry of Commerce (MOC).

The MOC data showed trade between China and Africa jumped sharply by 65 percent year-on-year to $61.2 billion in the first half of this year.

Related readings:  China is growing with African nations  China's new cooperation with Africa  China-Africa investment forum opens in Hangzhou  Healthy cooperation between China, Africa

Due to the global economic downturn last year, China-Africa trade fell 14.7 percent from the previous year to 91.06 billion in 2009, compared with $106.8 billion in 2008, according to the MOC.

The Chinese government supports reputable Chinese enterprises to invest in Africa on the principle of equality, mutual benefit and common development, the MOC said.

More than 1,600 Chinese enterprises are now investing in Africa in the fields of agriculture, mining, processing and manufacturing, infrastructure facilities and commerce, according to the MOC.

The MOC announced in July this year that China would cease levying tariffs on 60 percent of imports from 26 least developed African nations as of July 1 this year.