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African exports to China decline sharply

African exports to China decline sharply

China

Exports to Africa’s biggest single trading partner China, plummeted by 38 per cent in the year 2015.

According to China’s customs office, African exports amounted to 67 billion US dollars due to the slowdown in the Asian giant’s economy.

China’s growth has decelerated to its lowest since the wake of the global financial crisis.

Because China is such an important player on the world market especially in respect of the demand for commodities the fact that it is slowing down and the demand for commodities is falling has resulted in the demand in commodities prices themselves declining

Analysts say it has an implication on African economies.

“Because China is such an important player on the world market especially in respect of the demand for commodities the fact that it is slowing down and the demand for commodities is falling has resulted in the demand in commodities prices themselves declining,” Aza Ajamin an economic analyst.

In addition, the world’s second largest economy has also cast a shadow on African currencies that are heavily dependent upon exports in commodities.

But in a turn of events, Chinese exports to Africa rose by about 4 percent. Africa received goods worth over 100 billion US dollars.

Since 2009, China has been Africa’s largest trading partner and an important source for new investments in the continent.