Africa-China trade volume tops 65 Bln USD

By Tesfa-alem Tekle

February 11, 2008 (ADDIS ABABA) — Africa china trade Exchange volume booms to 65.9 Bln USD by the end of 2007, Africa business magazine annual report said.

According to the report ,the record high trade exchange registered between African and china has shown a 31% rise compared to what was registered in 2006 at a similar period of time.

Recent reports of IMF (International Monetary Fund) shows that china this time is Africa’s largest trade partner with a year to year fast booming trade partner ship.

The trade exchange between Africa and china is expected to reach 76bln USD in a near future with all imports and exports balanced.

The co-operation has gradually been extended to finance, aerospace, and telecommunication sector, according to the Minister.

The China-Africa Cooperation Forum Beijing Summit, the economic and trade cooperation between China and Africa has been steadily growing, the magazine quoted Chinese Minister of Commerce as saying.

Trade experts say East Africa’s share in the total trade between China and sub-Saharan Africa is still relatively small, but is growing at a faster rate.

Although East African countries have mainly been exporting agricultural products, analysts say this is likely to change in the near future as China plans to invest in the oil, gas and mineral sectors of Uganda, Tanzania, Ethiopia and Kenya.

A recent World Bank study says increased exports to China and higher commodity prices have led to increased income for African countries, especially those exporting raw materials.

(ST)