China-Africa Trade Rise 6% to Hit $296B in 2024
TLDR
- Trade between China and Africa reached $295.5 billion in 2024, marking a 6.1% increase from the previous year, per Chinese customs data
- South Africa remained China's largest African trading partner, with $52.4 billion in trade, followed by Nigeria at $21 billion
- In December 2024, China abolished customs tariffs on imports from 33 African countries
Trade between China and Africa reached $295.5 billion in 2024, marking a 6.1% increase from the previous year, per Chinese customs data. Deputy Director Wang Lingjun attributed the growth to stronger trade ties under China's global export leadership.
South Africa remained China's largest African trading partner, with $52.4 billion in trade, followed by Nigeria at $21 billion and Egypt at $17.3 billion. China imported $21.9 billion worth of goods from the DRC, up 51% year-over-year, fueled by demand for minerals. Guinea, driven by the Simandou mining project, saw exports to China grow 19%, totaling $11.7 billion.
In December 2024, China abolished customs tariffs on imports from 33 African countries. This move followed President Xi Jinping's announcement at the September FOCAC summit of a $50 billion funding package for Africa over three years.
Daba is Africa's leading investment platform for private and public markets. Download here
Key Takeaways
China's focus on raw material imports from Africa reflects deepening ties with resource-rich nations. The DRC, a top supplier of cobalt and copper, benefits from surging demand for minerals used in electric vehicle batteries. Similarly, Guinea's exports are bolstered by China's heavy investment in the Simandou iron ore project. Removing customs barriers on imports from 33 African countries signals China's push to enhance trade flows. This policy aligns with promises made during FOCAC to expand collaboration on infrastructure, trade, and investment. Africa's trade share with China remains significant, as the continent has been China's top trading partner for 15 consecutive years. However, African nations account for a smaller portion of China's global trade than Asia or Europe, highlighting untapped potential in sectors beyond mining.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.