China-Africa Trade Reaches $295.56 Billion in 2024, Up 4.8% from 2023
In 2024, trade exchanges between China and Africa reached $295.56 billion, marking a 4.8% increase from 2023. This growth is primarily driven by the surge in commodity prices, such as gold, copper, and coffee.
Chinese exports to Africa grew by 3.5% to reach $178.76 billion, while imports from the continent increased by 6.9%, totaling $116.79 billion. As a result, Africa's trade deficit with China narrowed slightly, decreasing from $64 billion in 2023 to $61.93 billion in 2024.
However, structural imbalances in bilateral trade persist. The reduction in the deficit is mainly attributed to the increase in prices of raw materials exported to China, while African countries continue to call for an increase in imports of value-added products.
This dynamic highlights the need to rebalance trade relations to foster sustainable economic diversification in Africa.
