Monday, December 27, 2010

China-Africa Trade Up 43.5% in 2010

China-Africa trade up 43.5% in Jan-Nov

Dec. 28, 2010 (China Knowledge) - Trade value between China and Africa surged 43.5% year on year to US$114.8 billion in the first eleven months of this year, according to a white paper on China-Africa economic and trade cooperation released by the Chinese government.

The figure had exceeded the US$106.8 billion recorded in 2008, said the white paper.

China, which overtook the E.U. and the U.S. as the largest trade partner of Africa in 2009, saw its exports of mechanical and electronic products account for more than 50% of the total exports to the region, while its imports of agricultural commodities have increased dramatically over the years.

Since 2005, China has exempted tariffs on some imports from the least-developed countries in Africa with diplomatic relations with China to boost its imports from the region. By July 2010, the number of tariff-free products had increased to 4,700, and is expected to grow to cover 95% of China's total taxable items.

By the end of 2009, China's total direct investment in Africa had surged to US$9.3 billion, with the scope of investment widening from the mining sector to finance, manufacturing, tourism and agriculture.

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