Deepening China-Africa Trade: One of the Fastest-Growing Consumer Marketsin the World

Africa is the second most populous continent in the world, with a total population exceeding 1.4 billion people. Young people account for up to 70% of the population, and this massive demographic brings enormous market demand. With the stabilization and development of Africa’s politics and economy, new labels such as “untapped virgin land,” “a trillion-dollar market for investment,” and “a new blue ocean for cross-border trade” have become associated with Africa.

Africa is playing an increasingly important role in the global trade market, and trade relations between China and Africa are particularly close. China has maintained its position as Africa’s largest trading partner for many consecutive years, with nearly 90% of products in Africa being made in China, covering a wide range of categories.

Relevant data shows that from 2000 to 2023, the scale of trade between China and Africa grew from less than 100 billion yuan to 1.98 trillion yuan, with an average annual growth rate of 17.2%.

At the 2024 Forum on China-Africa Cooperation Summit, China committed $50 billion in investment to Africa over the next three years and deepen cooperation with Africa in the fields of infrastructure and trade.

At present, Africa is one of the fastest growing consumer markets in the world, and China-Africa trade will further deepen.