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Home >> Business
UPDATED: 09:34, August 03, 2006
African trade with China growing strongly: bank statistics
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African trade with China has been growing strongly with the exports rising by 72 percent in 2005, dwarfing the 30 percent increase in African exports to its traditional trade corridors to Europe, according to statistics of the Standard Chartered bank.

In 2005, total trade between China and Africa reached 40 billion U.S. dollars compared with 4 billion dollars in 1995, said the bank in its Africa Focus available here Wednesday.

To facilitate its trade with Africa and increase access to its markets, China has scraped tariffs on 190 types of imported goods from 28 of the least developed African countries.

Africa exports oil, timber and cotton to China while China's exports to Africa comprise mainly machinery, electronics, textiles and hi-tech products.

The services sector in Africa is set to be boosted by the growing number of Chinese tourists since 16 African countries have been approved destinations for Chinese tourists,.

In 2005, 110,000 Chinese tourists travel to Africa, an increase of 100 percent compared to 2004. South Africa alone hopes to attract 50,000 tourists by 2007 from around 13,000 in 2001, said the bank.

Source: Xinhua


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