[…] Africa has become an economic engine powering China’s continued growth. Fueled by an insatiable demand for raw materials and a burgeoning consumer market hungry for manufactured goods, China’s trade with Africa has skyrocketed to a record $282 billion in 2023, with China accounting for over 18% of Africa’s total trade. This dramatic increase reflects Africa’s strategic importance for China’s economic ambitions.
China’s industrial engine thrives on a constant supply of raw materials. Africa boasts a staggering 30% of the world’s mineral reserves, including iron ore crucial for China’s steel production. Lithium, a vital component for electric vehicles and electronics powering China’s technological revolution, is found in abundance in African countries like the Democratic Republic of Congo. Africa supplies a significant portion of China’s oil needs, with Angola being China’s largest supplier of crude oil on the continent.
In addition to its resource wealth, Africa is transforming into a consumer powerhouse, with a growing appetite for China’s manufactured goods. With a young population projected to reach 2.5 billion by 2050, a rapidly urbanizing middle class, Africa’s demand for electronics, infrastructure materials, and consumer products is projected to surge in the coming decades. A McKinsey report estimates that African household consumption could reach $2.1 trillion by 2025. Läs artikel