China-Africa Trade Reaches $296B in 2024, Representing 5% Annual Increase
Based on data released by the General Administration of Customs of China (GACC) at the beginning of 2025, Africa-China trade volume reached USD 296 billion in 2024, representing a 5% growth year-on-year. In 2022 and 2023, trade volume remained roughly the same at USD 282 billion.
The figure is slightly shy of the USD 300 billion target that China projected during a previous #FOCAC Summit. The balance of trade remains in favor of China which realized a surplus of USD 62 billion as imports from Africa reached USD 117 billion while exports topped USD 179 billion.
| Year | USD B | % Change |
|---|---|---|
| 2024 | 296 | +5% |
| 2023 | 282 | +1% |
| 2022 | 282 | +11% |
| 2021 | 254 | +36% |
| 2020 | 187 | COVID |
(2021 reflects rebound after COVID)
South Africa ($52.5B), DR Congo ($25.9B), Nigeria ($21.9B), Angola ($20.9B), and Egypt ($17,4B) are among the top African trade partners of China. In 2024, Angola (-9.1%), South Africa (-5.6%), Nigeria (-3.1%) actually registered a drop in trade volume with China while DR Congo enjoyed a robust rise of 37.8%.
From China’s side, the provinces of Zhejiang (24.9%), Guangdong (16.7%), Jiangsu (11.5%) and Shandong (11.5%) are among the top exporters to Africa. China exports mostly manufactured goods to Africa. but imports mostly goods with low Local Value Addition (#LVA) goods such as minerals, petroleum and agricultural produce from Africa.
| No. | Country | 2023 USD B | 2024 USD B | Change % |
|---|---|---|---|---|
| 1 | South Africa | 55.6 | 52.5 | -5.6% |
| 2 | Congo Kinshasa | 18.8 | 25.9 | +37.8% |
| 3 | Nigeria | 22.6 | 21.9 | -3.1% |
| 4 | Angola | 23.0 | 20.9 | -9.1% |
| 5 | Egypt | 14.9 | 17.4 | +16.8% |
| 6 | Liberia | 9.9 | 13.1 | +32.3% |
| 7 | Algeria | 10.3 | 12.5 | +21.4% |
| 8 | Ghana | 11.0 | 11.8 | +7.3% |
| 9 | Guinea | 9.1 | 11.6 | +27.5% |
| 10 | Morocco | 7.4 | 9.0 | +21.6% |
Although there are reports of coffee from Ethiopia, avocado from Kenya and even chili from Rwanda entering the Chinese market, such imports are dwarfed by the sheer volume of raw materials. China even instituted the China-Africa Economic and Trade Expo (#CAETE) to give a boost to bilateral trade, but there is still much room for improvement to close the trade deficit.
During the FOCAC Summit in 2024 (#FOCAC2024), it is worth recalling that China announced that it is removing remaining customs duties for imports from 33 African states which are on the UN list of Least Developed Countries (#LDC), as a special consideration for Africa and the #GlobalSouth.
| Rank | Bloc | USD B |
|---|---|---|
| 1 | ASEAN | 982 |
| 2 | EU | 786 |
| 3 | LatAm | 518 |
| 4 | Arab League | 400 |
| 5 | AU | 296 |
China and Various Blocs in 2024
China is the largest trading partner of most of the African countries but the #AU ranks as the 5th largest trading bloc with China, behind ASEAN, EU, LatAm and the Arab League. In addition to China, the EU, USA, UAE and India also entertain significant trade relations with Africa.
On the investment front, China reports that its #ODI into Africa reached USD 40 billion in 2023. In line with current trends, the investment projects focus on the mining, agricultural, and renewable energy sectors.
In 2024, China registered a record trade surplus of nearly USD one trillion with the rest of the world, clocking exports worth USD 3.58 trillion and imports of USD 2.59 trillion. Thus, Africa’s weight in the trade mix of China is relatively small at 5%, but is expected to get a boost as certain regions ponder higher tariffs on Chinese imports.