China-Africa trade gets a boost from critical minerals needed for EV battery production
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Trade between China and Africa grew by 5.9% to $70.86 billion in Q1 2024. The rise in trade is attributed to higher commodity prices and incentives introduced by Beijing. China's imports from Africa grew 8% to $29.42 billion, boosted by a rise in imports of critical minerals used for EV battery production. China's exports to Africa increased 4.4% to $41.4 billion. Resource-rich nations such as South Africa, Angola, the Democratic Republic of the Congo, Nigeria, Egypt, Liberia, Guinea, and Morocco were China's largest trading partners in Africa. Zimbabwe's exports to China rose 255.5% to $320.54 million, driven by an increase in exports of lithium and tobacco. The rising price of gold, oil, and copper has contributed to the increase in China-Africa trade. The Chinese middle class has been buying gold to preserve their wealth amid real estate woes and geopolitical tensions. Government support measures and global security and economic factors have also influenced the trade figures.
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