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, Nigeria, Angola, DR Congo and Egypt are among the top African trade partners of China. However, South Africa registered an unexpected decrease in bilateral trade volume in 2024.
From China’s side, the provinces of Zhejiang, Guangdong, Shandong, Jiangsu and Hunan are among the top trading partners with Africa. China imports mostly minerals, petroleum and agricultural produce from Africa, but exports mostly manufactured goods to Africa.
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 | AU | 296 |
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.
China is the largest trading partner of most of the African countries but the #AU ranks as the 4rd largest trading bloc with China, behind ASEAN, EU and LatAm In 2024, China registered a record trade surplus of nearly USD one trillion with the rest of the world with exports of USD 3.58 trillion and imports of USD 2.59 trillion.