China-Africa trade ‘to top $100bn’

4 October 2010

Beijing says its trade with Africa is on track to top US$100-billion this year as it benefits from investments in mines, farms and factories on the continent, Chinese state media reported on Sunday.

Trade between China and Africa jumped 65% year-on-year in the first half to $61.2-billion, China’s Ministry of Commerce said, according to official news agency Xinhua.

China-Africa trade fell to $91.1-billion in 2009, down 14.7% from $106.8-billion in 2008, the report said.

More than 1 600 Chinese businesses are investing in Africa in the mining, processing, commerce, agriculture, construction and manufacturing sectors, the report said, citing the ministry.

Beijing ceased levying tariffs on 60% of imports from the 26 least developed African nations in July, the report said.