China-Africa Trade Reaches $295.6 Billion in 2024
Bilateral trade between China and Africa grew 4.8% year-on-year, with China removing tariffs on 98% of products from 21 African countries including Ethiopia, Guinea, and Rwanda.
Record Trade Volumes
China-Africa bilateral trade reached an impressive $295.6 billion in 2024, marking a 4.8% year-on-year increase and solidifying China's position as Africa's largest trading partner for the 15th consecutive year.
Trade Composition
African Exports to China:
- Crude oil and petroleum products
- Minerals and ores (copper, cobalt, iron ore)
- Agricultural products (coffee, cocoa, nuts)
- Precious metals and gemstones
Chinese Exports to Africa:
- Machinery and electronics
- Textiles and apparel
- Construction materials
- Consumer goods and appliances
Tariff Elimination Impact
China's decision to eliminate tariffs on 98% of products from 21 African countries is expected to further boost trade:
Beneficiary Countries Include:
- Ethiopia
- Guinea
- Rwanda
- Mali
- Niger
- Burkina Faso
- And 15 additional LDCs
Investment Beyond Trade
Chinese investment in Africa continues to grow:
- Foreign Direct Investment (FDI): Over $50 billion in stock
- Infrastructure projects: Railways, ports, roads, power plants
- Special Economic Zones: Creating jobs and technology transfer
- Digital infrastructure: 5G networks and data centers
Future Outlook
Trade analysts project continued growth:
- Potential 15-20% annual increase in African exports
- Expanding manufacturing cooperation
- Growing focus on value-added products
- Enhanced digital trade platforms
This comprehensive trade relationship is reshaping Africa's economic landscape and creating new opportunities for businesses across the continent.
