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In 2010, trade between Africa and China was valued at US$114 billion [9] and US$166.3 billion in 2011. [67] By 2022, total trade grew to US$282 billion. [68] China has been Africa's largest trading partner since 2009 when it surpassed the United States, [69] and continues to be by far its largest trading partner as of 2022. [68]
China has become the world's second largest economy by GDP (Nominal) and largest by GDP (PPP). 'China developed a network of economic relations with both industrial economies and those constituting the semi-periphery and periphery of the world system.' [1] Due to the rapid growth of China's economy, the nation has developed many trading partners throughout the world.
According to the 2nd session of the 2011 China Africa Industrial Forum hosted in Beijing, China-Africa trade volume was expected to exceed 150 billion US dollars by year 2011. [124] As with previous Western involvement in Africa, forging close ties with local elites has been a key strategy for Chinese diplomats and businessmen. [125]
Africa secured more than $10 billion in loans a year from China between 2012-2018, thanks to President Xi Jinping's Belt and Road Initiative (BRI), but the lending fell precipitously from the ...
In 2010, trade between the two countries was worth US$7.8 billion. [26] In 2011, Nigeria was the 4th largest trading partner of China in Africa and in the first 8 months of 2012, it was the 3rd. [27] In April 2018, Nigeria signed a $2.4-billion currency swap deal valid for 3 years. [28]
To understand China’s space push in Africa, Reuters interviewed more than 30 people with knowledge of Chinese projects on the continent, including diplomats, space engineers, consultants, and ...
In 1980, the total Sino-African trade volume was US$1 billion. By 1999, it had reached US$6.5 billion. [253] By 2005, the total Sino-African trade had reached US$39.7 billion before it jumped to US$55 billion in 2006, making China the second largest trading partner of Africa after the U.S., which had trade worth US$91 billion with African nations.
For most economies worldwide, their leading export and import trading partners in terms of value are typically the United States, the European Union (EU) or China. Emerging markets such as Russia, Brazil, India, South Africa, Saudi Arabia, the UAE, Turkey, and Iran are becoming increasingly important as major markets or source countries in various regions.