Sino-Africa trade prediction: US$100bn in 2008

The Chinese General Administration of Customs said on Wednesday that bilateral trade between China and Africa will exceed US$100 billion in 2008, two years earlier than originally expected.

The forecast is based on figures for the first half-year, which indicate that bilateral trade increased by almost 66 percent year-on-year to reach US$53.14 billion. The growth rate was about 40 percentage points higher than in 2007.

Total trade included Chinese exports to Africa worth US$23 billion (an increase of 40 percent), and imports from Africa worth US$30 billion (up by about 92 percent). The growth rate of imports was almost 85 percentage points higher year-on-year.

The administration attributed the rapid growth rates primarily to an economic upturn in Africa as well as mounting Chinese demand for resources.

Customs data in China shows that 19 African countries recorded trade worth over US$500 million with China during the first half of 2008, up from 14 African nations a year earlier.

However, despite the rapid growth, Sino-African trade only accounted for 4.3 percent of China’s first-half foreign trade.