Trade between China and Africa has displayed sustainable growth despite the ongoing global financial crisis. According to Chinese customs data, Sino-African trade value rose 31% to $166.3 billion last year.
As of April 2012, China’s direct investment in Africa totalled $15.3 billion – a 30-fold increase from a decade ago – and China has been Africa’s largest trading partner for the last three years.
Many African businesspeople have been participating in the Canton Fair. Of the 188,145 foreign buyers who attended the 112th Canton Fair, which closed early last month, 13,362 (over 7%) were from Africa.[ Also Read: Americans Worried About China and National Debt ]
This has positively impacted the commercial development of the continent and enhanced the quality of life of many African people, according to the Canton Fair organizers.
The deepening trade ties between China and Africa are not only evidenced by an increase in trade volume, but also by the strengthening of countless business relationships and a growing reliance of Africa on the quality and competitive price of China-sourced goods.[ Also Read: China: New Battleground for PepsiCo and Coca-Cola ]
Former Vice-Minister of Commerce Wei Jianguo said recently that he expects China’s trade with Africa to hit USD 220 billion this year, and that it will surpass Sino-American and Sino-European trade over the next five years. The Canton Fair will surely continue to play a major part in this trend.
The next 113th Canton Fair will be held in April & May 2013 in Guangzhou, China.
Photo courtesy: The Canton Fair