(Yicai Global) May 12 -- The value of China-Africa trade rose 16.8 percent on the year to USD38.8 billion in the first quarter, marking the first quarterly increase since 2015, said Sun Jiwen, spokesman for the country’s Ministry of Commerce at a press briefing yesterday.
Broken down, China’s imports from the world’s second largest continent were USD18.4 billion, a 46 percent rise from the same time a year earlier and growing some 70 percentage points faster. Agricultural imports rose 18 percent and exports from China fell just 1 percent, a smaller decline than last year.
The total value of Chinese direct non-financial investments in Africa grew 64 percent to more than USD750 million, while USD13.4 billion worth of African construction projects were contracted to Chinese firms. Construction companies from the world’s most populous nation also received USD9.4 billion in realized revenue.
This year is critical for the implementation of the ’10 cooperation plans’ between China and Africa, proposed by Chinese President Xi Jinping at the China-Africa Cooperation Forum Johannesburg Summit, said Sun.
The two made great progress in economic and trade collaborations, benefitting from policy dividends offered by the 10 plans. Driven by the new policy, cooperation between the pair improved to hit a new high this year, benefitting both the Chinese and African economies.