XXXX年最全中非贸易投资报告-China-AfricaTradea

1、.：.；China-Africa Trade and Investment ReportSino-Africa Trade1.1 Trade ScaleSino-Africa trade started at $12.14 million in 1950. At present, China is the largest business partner with Africa, and Africa is one of the most decisive import sources of China.During 2003 to 1H2021, Sino-Africa trade kept

2、 rising despite of slight fluctuations. In 2006 it exceeded $50 billion for the first time. Furthermore, in 2021, $100 billion trade volume benchmark was broke through. In 2021, China became Africas No. 1 trade partner. Even during the slack global economic recovery in 2021, the quantity jumped to $

3、198.48 billion, increasing 19.3% year-on year. Of this, US$85.319 billion consisted of Chinas exports to Africa, up 16.7%, and US$113.171 billion was contributed by Chinas imports from Africa, up 21.4%. Total China-Africa trade volume, Chinas export volume to Africa and Chinas import volume from Afr

4、ica all reached new highs.2021 China Trade with World Major RegionsTrade Volume ($100 Mil.)Year-on-year growth Rate (%)TotalExportImportTotalExportImportgross38667.620489.3518178.266.27.94.3Asia20449.310069.6310379.677.5123.4Africa1984.8853.91131.7119.316.721.4Europe6830.63964.242866.36-2.5-4.1-0.2L

5、atin America2612.432.171260.268.211.15.3North America5363.23801.31561.98.58.068.2Oceania4.87448.8916.075.19.073ASEAN400029.2920427.1919582.0910.220.11.5EU5460.433339.882120.55-3.7-6.20.4APEC24687.4413062.6111624.838.112.33.7Source: China Custom Statistics.In the first half of 2021, the Sino-Africa t

6、rade amount was $105.65 billion, unprecedentedly penetrating $100 billion in 6 months, increasing 7.1% year-on-year. Source: China Custom Statistics.Though the Sino-Africa trade amount does not dominate Chinas foreign trade market, it grows fast and steady. During the 10 years period, the percentage

7、 Sino-Africa trade accounted for total Chinese foreign trade grew from 2.2% to 5.3%, increasing by more than 2%Specifically, the proportion consisting of Chinas imports from Africa up from 2.47% to 6.23%, and that of Chinas exports to Africa from 2.02% to 4.16% from 2000 to 2021, according to China-

8、Africa Economic and Trade Cooperation (2021).Source: Chinas National Bureau of Statistics.On the African side, the changes are even more remarkable. From 2003 to 2021, the proportion of China-Africa trade volume as a part of Africas total foreign trade volume increased from 5.38% to 16%, increasing

9、more than 10%.According to China-Africa Economic and Trade Cooperation (2021), from 2000 to 2021, the proportion contributed by Africas exports to China up from 3.76% to 18.07%, and that by Africas imports from China from 3.88% to 14.11%.Source: Chinas National Bureau of Statistics; World Trade Orga

10、nization Statistics.1.2 Chinas Import from AfricaIn general, China-Africa trade figures are relatively balanced since Chinas trade adverse balance is negligible compared with total trade volume. However, China-Africa trade structure remains considerably uneven both in terms of products structure and

11、 geographical distribution. 1.2.1 Imported Products from Africa to ChinaResource and primary products still dominate Chinas imports from Africa, and the commodities structure is generally sustained and steady.The top 10 products imported from Africa in 2021 were mineral fuel, ores, slag and ash, cop

12、per, noble metal, wood, cotton, steel, grains, tobacco and others, accounting for 97.07% of all imports from Africa (see chart2).Top 10 Products Imported from AfricaProductsExport($100 Mil.)Percentage (%)Growth (%)2021202120212021202120212021/2021All African Products668.96931.401130.874.805.356.2221

13、.42Mineral Fuel414.75490.73560.8462.0052.6949.5914.29Other34.01159.26289.415.0817.1025.5981.72Ores, Slag and Ash88.64126.20113.2013.2513.5510.01-10.30Copper 40.8745.2449.246.114.864.358.83Noble Metal24.0734.7238.903.603.733.4412.04Wood 12.0811.5014.481.811.241.2825.90Cotton4.648.1712.480.690.881.105

14、2.64Steel11.6414.229.681.741.530.86-31.95Grains4.385.025.160.660.540.462.71Tobacco1.623.334.420.240.360.3932.53Total636.70898.411097.8095.1896.4897.0722.19Source: China Custom.In 2021, mineral fuel, mainly crude oil, constituted 49.59%, almost half of all the imports. Crude oil imported from Africa

15、valued $53.8 billion, accounting for 24.41% of Chinas total crude oil imports, overtaking America to become the no.1 destination of Africas oil exports.In terms of metallic ore imports, Chinas amount was $11.32 billion, occupying 8.47% of the total mineral imports of China. Iron ore, the major compo

16、nent, accounted for 63.36% in 2021. Follow behind were manganese, chrome ore and copper, occupying 8.85%, 8.09% and 5.95% respectively.Source: China Custom.It is notable that Sino-African trade in agricultural products has grown quickly in recent years. From 2021 to 2021, Chinas agricultural imports

17、 from Africa grew from US$1.16 billion to US$2.86 billion, a 146% increase. Most imported agricultural products are non-food items, including cotton, hemp, silk, oilseeds and other such products.A major reason for the rapid increase in Chinese imports of African agricultural products is the zero-tar

18、iff policy that the Chinese government adopted in 2005 for some African products. Agricultural products are a major category benefiting from this policy and, as a result, the export of specialty African agricultural products to China has grown rapidly.1.2.2 African Exporters to ChinaAt the country l

19、evel, China-Africa trade is highly intensive.In 2021, top 10 African exporters to China, in order, were South Africa, Angola, Libya, Congo (Brazzaville), Congo (DRC), Zambia, Algeria, Sudan, Equatorial Guinea and Mauritania, accounting for 90.89% of Africa total exports to China, which indicated a h

20、igh level of geographical concentration. Top10 African Export Countries to China in 2021RankCountryShare of Trade (%)Year-on-year Growth (%)1South Africa39.4239.142Angola29.5634.433Libya5.63209.694Congo (Brazzaville)4.02-2.53Congo (DRC)3.110.666Zambia2.38-3.617Algeria2.0519.188Sudan1.8-78.539Equator

21、ial Guinea1.618.5710Mauritania1.31-4.37Total90.8921.89From the viewpoint of Chinas imports, trading partners are highly concentrated on a few countries richly endowed with crude oil and mineral resources.Angola, Sudan, Congo (Brazzaville), Libya, Algeria, and Equatorial Guinea are Chinas main suppli

22、ers of crude oil. While South Africa mainly provides China with iron ore. Congo (DRC) and Zambia are major exporters of copper ore to China.It is noted that Libyan exports to China surged sharply with an increase of 209.5% partly due to the recovery of its oil production. Meanwhile, the reconstructi

23、on after Libyan civil war brought great demand for light industry products and mechanical and electrical products, which were mainly imported from China. 1.3 Chinas Exports to Africa1.3.1 Exported Products from China to AfricaThe major products exported to Africa are based on finished and semi-finis

24、hed manufactured goods, mainly concentrating on electronic products, mechanical equipment, auto and steel products. Source: China CustomIn 2021, the top 10 products in export amount were HYPERLINK app:ds:electrical electrical HYPERLINK app:ds:products products, mechanical equipment, auto, steel prod

25、ucts, HYPERLINK app:ds:knitted knitted HYPERLINK app:ds:goods goods, furniture and bedding, plastic and its products, shoes, ships and cotton, accounting for 60.57% of all exports to Africa.Among the top 10 products, furniture and bedding enjoyed the fastest growing rate of 121.75% year on year. The

26、 next was knitted goods with a year-on-year growth rate of 41.41%.Top 10 Products Exported to AfricaProductsExport ($100 Mil.)Percentage (%)Growth (%)2021202120212021202120212021/2021All Products598.39729.41852.393.793.844.1616.86 HYPERLINK app:ds:electrical Electrical HYPERLINK app:ds:products Prod

27、ucts93.19103.49105.5215.5714.1912.381.96Mechanical Equipment78.7986.91103.5613.1711.9212.1519.16Auto41.4953.4661.236.937.337.1814.52Steel Products32.3536.6443.175.415.025.0717.83 HYPERLINK app:ds:knitted Knitted HYPERLINK app:ds:goods Goods25.5130.3142.874.264.165.0341.41Furniture and Bedding15.1319

28、.0442.222.532.614.95121.75Plastic and Its Products15.5221.5332.402.592.953.8050.51Shoes18.1423.3031.203.033.193.6633.93Ships39.4743.1827.496.605.923.23-36.34Cotton21.5726.4226.573.603.623.120.57Total381.15444.28516.2363.6960.1960.5716.19Source: China Custom.1.3.2 Chinas Exporting Destinations to Afr

29、icaIn 2021, Chinas top ten exporting destination countries in Africa, in order, were South Africa, Nigeria, Egypt, HYPERLINK app:ds:Algeria Algeria, Ghana, Angola, Liberia, Togo, Morocco and Kenya, accounting for 70.21% of all the African imports from China.Top10 Africa Import Countries from China i

30、n 2021RankCountryPercentage (%)Year-on-year Growth (%)1South Africa17.9714.72Nigeria10.911.163Egypt9.6412.934 HYPERLINK app:ds:Algeria Algeria6.3521.115Ghana5.6153.896Angola4.7445.397Liberia4.08-29.918Togo3.9784.739Morocco3.672.8410Kenya3.2717.72Total70.218.08Source: China Custom.African countries i

31、mport capability has a direct correlation with their development. According to African GDP data in 2021, the top countries in order are South Africa, Egypt, Nigeria, HYPERLINK app:ds:Algeria Algeria, Morocco, Angola, Sudan, Libya, HYPERLINK app:ds:Tunisia Tunisia, HYPERLINK app:ds:Ghana Ghana and Ke

32、nya. Generally, the top 10 African trade partners with China all head the list of African GDP rank. 1.3.2 Top 20 Chinese Exporters to AfricaIn the first half of 2021, among the Top 20 export companies, there are 12 SOEs, 7 private enterprises and 1 Joint Venture. The industries involved are mainly h

33、igh-tech, manufacture and metal trade.Top 20 Chinese Exporters to Africa in the first half of 2021CompanyEnterprise NatureSectorHeadquarter1Shenzhen Huawei Communication Technologies Co., LtdPrivateCommunication TechnologyGuangdong2ZTE CorporationSOECommunication TechnologyGuangdong3China Electronic

34、s Shenzhen CompanySOEITGuangdong4Gree ElectricAppliances, I ncSOEManufactureGuangdong5Baoshan Iron & Steel Co., LtdSOEMetalShanghai6Jiangsu Shagang Co., Ltd.Private MetalJiangsu 7Guangdong Meidi Refrigeration Equipment Co., Ltd.Private ManufactureGuangdong8Benxi Iron And SteelGroupInternational Econ

35、omic And Trading Co., LtdSOEMetal/TradeLiaoning9Angang Group International Trade CorpopationSOEMetal/TradeLiaoning10China Brilliant Supply Chain Service Co., LtdPrivate TradeGuangdong 11China Petroleum Technology And Development CorporationSOEManufacture/TradeBeijing12Shenzhen One Touch Business Ser

36、vices Co. Ltd.Private HYPERLINK investide/db/guild/index.do?guildId=26 o 查看该行业的其它公司 TradeShenzhen13Chery Automobile Co., LtdSOEManufacture/TradeAnhui14Xugong Science Technology Co., Ltd.SOEManufacture/TradeJiangsu15Benxi Beiying Iron & Steel Group Imp.& Exp.Co., Ltd.SOE HYPERLINK hc23/hy-536.shtml M

37、etal/TradeLiaoning16Great Wall Motor Company LimitedPrivate ManufactureHebei17Xinlikang Co., Ltd Private TradeShenzhen18China Shougang International Trade Engineering Co.LtdSOEManufactureBeijing19Nokia Telecommunications LtdJoint VentureCommunication TechnologyBeijing20Tangshan Steel Group Cooperati

38、on LtdSOEMetalHebei Source: HYPERLINK askci askci Surplus Countries and Deficit CountriesChinas trade deficit with Africa has kept expanded, especially during the latest 3 years. In 2021, the deficit was $7. billion, while it soared to $278.50 billion in 2021, nearly a fourfold rise. In 2021, China

39、exported $44.65 billion to Africa and imported $60.99 from Africa, leading to a deficit of $16.34 billion.The deficit resulted from the growth rate of Chinas imports from Africa (average annual growth rate of 28.55%) exceeding that of Chinas exports to Africa (average annual growth rate of 26.59%).

40、In the future, the adverse balance will grow since China has a massive demand for African energy and mineral resources and other primary products. Besides, China government has carried out promoting measures, like zero tariff and trade fairs, to promote imports from Africa. Source: China Custom Stat

41、istics.In general, the occurrence of crude oil and metallic ore has decisive influence on trade balance of African countries. Chinas African partners with trade surpluses generally are main exporting countries of crude oil and mineral. While deficit partners with China are countries with much less n

42、atural resources endowment.In 2021, top 10 surplus African countries with China, in order, were Angola, South Africa, Congo (Brazzaville), Liberia, Congo (DRC), Zambia, Guinea-Bissau, Mauritania, Sierra Leone and Gabon. Their surpluses were $29.414 billion, $29.281 billion, $4.034 billion, $3.976 bi

43、llion, $2.67 billion, $1.992 billion, $1.46 billion, $1.029 billion, $0.257 billion and $0.191 billion respectively.While the top 10 trade deficit African countries with China, in order, were Nigeria, Egypt, Ghana, Togo, Libya, HYPERLINK app:ds:Algeria Algeria, Kenya, Morocco, Benin and Tanzania. Th

44、eir deficits were $8.041 billion, $6.904 billion, $4.147 billion, $3.299 billion, $3.251 billion, $3.098 billion, $2.737 billion, $2.568 billion, $2.152 billion and $1.709 billion respectively. Source: China Custom.From Chinas perspective, Africa may be a strategic supplier of natural resources. But

45、 a far greater number of African countries represent export destinations for China, with considerable market potential. 2. Sino-Africa Investment2.1 Chinese OFDI in AfricaFrom 2003 to 2021, Chinese non-financial outward foreign direct investment (OFDI) to Africa grew from less than $100 million to $

46、2.9 billion, enjoying an upward trend despite of some fluctuations, which is in consistent with the trend of world non-financial OFDI to Africa. At present,Africa is now Chinas major import source, second largest overseas construction project contract market and fourth largest investment destination

47、. During the 10-year-period, Chinese non-financial OFDI flow to Africa gradually ticked up in the first 5 years before it strikingly peaked at $5.491 billion in 2021.However, affected by the global financial crisis, it dropped to $1.44 billion in 2021 and slowly rebounded in the following 2 years to

48、 $1.07 billion and $3.17 billion respectively. In 2021, the non-financial OFDI flow reduced moderately to $2.9 billion, accumulating total stock to $20 billion. Source: Chinas Foreign Direct Investment Statistical BulletinFrom a global perspective, China invested $77.22 billion in 4,425 overseas ent

49、erprises in 141 overseas countries and regions in 2021, mainly Asia, Latin America and Europe. However, Chinese non-financial OFDI to Africa constituted merely a small proportion of total, which stabilized in the range between 2% and 6% from 2003 to 2021 with a notable exception of nearly 10% in 202

50、1.As of 2021, China contributed non-financial OFDI of $2.9 billion to Africa, only accounting for 3.76% of Chinas total outbound direct investment.At the same time, African investment in China grew steadily. As of 2021, the stake of China foreign direct investment from Africa achieved $12.9 billion,

51、 involving areas of petrochemical engineering, mechatronics and traffic communication etc.However, it is difficult to be accurately certain about the level of Chinas non-financial OFDI flow, as estimates from different sources vary widely and Chinese investments are often channeled through off-shore

52、 entities registered in places such as Hong Kong, Cayman Island and others.In the following parts, OFDI only refers to the non-financial foreign direct investment. There are usually two strategies when the multinational enterprises invest in the foreign markets, one is Greenfield investment, and the

53、 other is Brownfield investment.Greenfield investment is a financial terminology, which is a form of foreign direct investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up. While the Brownfield investment, also known a

54、s merger and acquisition, means the purchasing of an existing production or HYPERLINK investorwords/623/business.html businessfacility by HYPERLINK investorwords/992/company.html companiesor governmental HYPERLINK investorwords/151/agency.html agenciesfor the purpose of HYPERLINK investorwords/14836

55、/starter.html startingnew HYPERLINK investorwords/3874/product.html productor HYPERLINK investorwords/6664/service.html serviceproduction HYPERLINK investorwords/92/activity.html activity. This type of HYPERLINK investorwords/2599/investment.html investmentdoes not involve the new construction of pl

56、ant HYPERLINK investorwords/3467/operation.html operationfacilities. 2.1.1 African Greenfield InvestmentFrom 2003 to 2021, Africas overall inflow of Greenfield investment has increased from $18.2 billion to $45.8 billion. In general, among the top 10 new foreign direct investment project source coun

57、tries investing in Africa during the same period, China ranked 9th with 196 projects, accounting for 3.3% share of total. Source: Ernest and Young Analysis, Attractiveness Survey Africa 2021.Despite a fall in African Greenfield project numbers from 867 in 2021 to 764 in 2021 in line with the global

58、trend new projects from China grew with acceleration in the latest two years. As one of the leading emerging markets, China ranked 7th with the yearly project number of 37 in 2021, increasing 27.59% compared with 29 in 2021.Source: FDI markets; Ernest and Young analysis2.1.2 African Mergers and Acqu

59、isitionsAccording to a report by international law firm Freshfields Bruckhaus Deringer released, globally there were 1,190 M&A deals totaling $87.6 billion done in Africa from 2003 to 2021.Favoring the oil and gas sector, China made 49 M&A deals totaling $20.8 billion in Africa, following the United

60、 Kingdom with $30.5 billion and France with $30.47 billion, becoming the worlds third-largest country doing mergers and acquisitions in Africa.Source: Freshfields Bruckhaus DeringerStatistics from the same period showed that Chinese dealmakers favor the natural resources sector with $8.1 billion inv