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China encourages African imports(China Daily)Updated: 2007-01-17 08:43 Trade between China and Africa reached $55.5 billion in 2006, an increase of 40 percent year-on-year. China exported $26.7 billion to Africa, an increase of 43 percent over the previous year, while China imported goods worth $28.8 billion from Africa, up 37 percent. Despite the trade deficit, China has pushed for increased imports from Africa and levies no tariff on more than 190 types of products from 28 least developed African countries. Analysts say that China has contributed at least 5 percent to the African economy. Raw materials and agricultural products are still major African exports to China, and the export of high-tech products is also on the rise. By the end of 2005, China had invested $6.27 billion in 49 countries in Africa, in sectors such as trade, production and processing, resource development, transportation, agriculture and development of agricultural products. While among the poorest countries on earth, African economies are improving. It is estimated that the continent's combined economy will grow 5.5 percent in 2006, partly as a result of high oil prices and economic reform among some countries. (For more biz stories, please visit Industry Updates) |
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