China-Africa Trade Reaches New High in January-May 2023

BEIJING -- China's trade with African nations reached an unprecedented level in the first five months of this year, as reflected in the latest figures released by official sources on Monday.
According to the General Administration of Customs, the China-Africa trade volume surged by 12.4 percent year-on-year during the January to May period, totaling 963.21 billion yuan, which is approximately 134 billion dollars. This figure represents 5.4 percent of China's overall foreign trade.
Exports from China to Africa demonstrated a significant increase of 20.2 percent compared to the same period last year, amounting to 599.57 billion yuan in the initial five months.
In contrast, the imports from Africa saw a more modest growth of 1.6 percent, reaching 363.64 billion yuan. This indicates a robust performance in trade, showcasing China's deepening economic ties with the African continent.
The growth in trade volume underscores the increasing importance of Africa as a key partner for China in its foreign trade strategy, highlighting the mutual benefits derived from these economic relationships.
As both regions continue to expand their trade horizons, this record-setting trade performance could pave the way for even stronger bilateral relations going forward.
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