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Study reveals 18% annual rise in Asia's exports to Africa
15 Nov '06
1 min read
A World Bank study has revealed that economic growth of India and China is proving advantageous to Africa with change in trade patterns, as the Asian giants are shifting from excessive use of Africa's raw materials to support its developing industries.
This study is called 'Africa's Silk Road'. It states that Asia buys 27 percent of Africa's exports, which has risen from 14 percent in 2000 and tripled the amount of 1990.
Due to EU countries buying 50 percent less of Africa's net exports last year as against 2000, Africa's major trade partner Europe has witnessed downfall.
China and India are continuously raising imports of cotton, oil, minerals and timber from Africa to enrich their economies, with raw materials being the major part of Africa's exports.
Every year Asia's exports to Africa are increasing by 18 percent. China exports footwear, fabric apparel and knitwear to the continent.
As per the study, oil constitutes 47 percent of Africa's exports to Asia with Angola's oil exports making up 62 percent of its exports to China. Apparel and retail are its new sectors of interest to China and India.
This study is called 'Africa's Silk Road'. It states that Asia buys 27 percent of Africa's exports, which has risen from 14 percent in 2000 and tripled the amount of 1990.
Due to EU countries buying 50 percent less of Africa's net exports last year as against 2000, Africa's major trade partner Europe has witnessed downfall.
China and India are continuously raising imports of cotton, oil, minerals and timber from Africa to enrich their economies, with raw materials being the major part of Africa's exports.
Every year Asia's exports to Africa are increasing by 18 percent. China exports footwear, fabric apparel and knitwear to the continent.
As per the study, oil constitutes 47 percent of Africa's exports to Asia with Angola's oil exports making up 62 percent of its exports to China. Apparel and retail are its new sectors of interest to China and India.
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