African Exports Plummet as China's Economy Dips
Alexis Villarias | | Jan 15, 2016 08:51 AM EST |
(Photo : Getty Images) African exports to China slumped almost 40 percent last year.
Africa's economy suffered last year fell as China experienced a recession. African exports to China decreased by almost 40 percent in 2015.
China is the single biggest trading partner of the African continent. China's demand for African commodities has sustained the latter's economic growth recently. But as China's economy went downhill briefly, Africa's exports also declined.
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This led to some strains in Africa's economy and forced some countries to resort to currency depreciation.
According to Chinese Customs spokesman Huang Songping, African exports to China last year amounted to $67 billion. This is 38 percent lower compared to figures in 2014.
According to BBC Africa Business Report editor Matthew Davies, China's demand for metals and minerals from Africa is falling rapidly as China's economy heads for a hard downfall, as many analysts predict. With this, commodity prices are also affected.
More so, direct investment from China into the continent decreased by 40 percent in the first half of 2015. This only means that there is less money from China going to Africa.
Meanwhile, Africa's demand for Chinese goods has seen an increase of 3.6 percent.
During a China-Africa summit, which was hosted by South Africa last year, China President Xi Jinping stated that China will provide $60 billion worth of aid and loans to Africa. That gesture cemented China's role as a major factor in Africa's economic growth.
This year, China's hopes to regain its footing once more despite many bleak predictions for its economy.
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