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Official data – reported by the Chinese Ministry of Commerce website – showed that the value of trade between China and Africa amounted to $140.9 billion during the period from January to June of this year, an increase of 3.1% on an annual basis.
The New China News Agency (Xinhua) quoted the ministry’s website as saying that the value of China’s imports from Africa during the first six months of this year amounted to 53 billion dollars, a decrease of 12.4% on an annual basis, while the value of its exports to the African continent reached 87.9 billion dollars, an increase. 15.4% on an annual basis.
According to the same source, China pumped investments worth $1.82 billion into all sectors in Africa between last January and June, an increase of 4.4% on an annual basis.
During the first half of this year, China signed new contracts for projects in Africa worth $28.4 billion, up 7.64% year-on-year, while it completed work worth $16.5 billion, down 10% year-on-year.
China is among the largest lenders to the African continent, although the volume of these loans has declined recently.
Estimated database Chinese loans to Africa Boston University estimates that Chinese lenders provided $170 billion to Africa from 2000 to 2022.
However, lending has declined sharply since its peak in 2016, with only 7 loans worth $1.22 billion signed in 2021.
Nine loans worth a total of $994 million were agreed upon last year, representing the lowest level of Chinese lending since 2004.
