China-Africa trade leaps in first quarter on post-pandemic rebound
- Figures show a rise of 27 per cent from the first quarter of 2020, when factories and ports closed to help contain the coronavirus
- Chinese exports to Africa increased 39 per cent on the same period last year
Two-way China-Africa trade totalled US$52.1 billion in the first three months of the year as most economies eased trade and travel restrictions that had been imposed to curb the spread of the virus.
The latest Chinese customs data showed that China exported goods worth US$29.8 billion to Africa in the quarter, up 39.2 per cent from last year. African countries sold China goods worth US$22.3 billion during the period, a 13.6 per cent increase.
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In the first quarter of last year, trade between Africa and China was greatly affected after China closed factories and ports to contain the spread of Covid-19.
Virag Forizs, an Africa economist at London-based consultancy Capital Economics, said the recent waves of Covid-19 in Africa appeared to be less economically damaging, with the authorities avoiding harsh restrictions on businesses and traders.
“This is probably reflected in stronger African demand for Chinese products, while also bearing in mind base effects,” she said.
However, Forizs warned that on the flip side, “we think that China’s policy stimulus will fade in the coming months, weighing on the country’s imports from Africa”. Beijing recently signalled it would start withdrawing some of its stimulus measures as the economy recovered.
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