China’s total trade with Africa increased by 16.8% to a total of US$38.8 billion during the first quarter (Q1) of this year – the first quarterly increase on a yearly basis since 2015 – according to China’s Ministry of Commerce.
This includes a 46% year-on-year jump in imports from Africa with agricultural imports increasing by 18%.
Sun Jiwen, spokesman at the ministry, said during a press briefing today (Thursday) that the Asian country’s direct investment in Africa during Q1 had also risen by a whopping 64%.
He attributed these increases to the cooperative framework signed between China and Africa towards the end of 2015, when the Chinese president, Xi Jinping, embarked on a state visit to several African countries, including South Africa.
At a business summit held in Sandton during that time, Jinping announced plans to plough US$60 billion into African development projects, saying the funds would boost agriculture, build roads, ports and railways and cancel some debt.
