China-Africa Trade Hits Record High But Imbalance Widens
• China-Africa trade hit record $282B in 2023, but Africa's trade deficit widened to $64B • China's exports to Africa grew 7.5% while its imports from Africa dropped 6.7% • Drop in Africa's commodity prices, like oil and metals, impacted trade values • China aims to grow African agricultural imports to help balance trade • Building African exports beyond raw materials to rebalance trade could take time