Trade Between China and Africa Reach Historic High

China-Africa-summit
China-Africa summit held yearly in Beijing

Trade between China and Africa grew and hit an historic high in 2011 despite the turbulence in some Northern African countries, according to a report released on Monday.

The annual yellow book on African development released in Beijing says two way trade volume reached 166 billion US dollars in 2011, a year-on-year increase of 31 per cent and 8.4 per cent higher than China’s foreign trade’s overall growth rate.

China’s exports to Africa hit 73 billion US dollars, increasing 22 per cent, while imports from Africa stood at 93 billion dollars, a year-on-year increase of 39 per cent, according to the Annual Report on the Development of Africa.

The China’s Social Sciences Academic Press, the Institute of West Asian and African Studies of the Chinese Academy of Social Sciences as well as the External Relations Bureau of the Ministry of Culture have jointly released the report.

Although some countries in Northern Africa faced turmoil last year, said the report, the impact of those events on the trade between China and the continent was limited. “There was only a sharp trade decline between China and Libya in 2011, a 58 per cent year-on-year decrease.

But there was fast growth with other five North African countries-Sudan, Egypt, Algeria, Morocco and Tunisia,” the report said.According to the report, China’s top-five trade partners in Africa are South Africa, Angola, Sudan, Nigeria and Egypt.