China-Africa trade volume reaches $122.2b first three quarters of 2011

The volume of trade between China and Africa has reached $122.2 billion during the first three quarters of 2011, the China Daily reports citing officials of China’s Ministry of Commerce.

Shen Danyang, spokesman for the Ministry of Commerce, said at a press conference  that the trade between the country and the continent rose 30% year-on-year to reach $122.2 billion during the first three quarters of 2011 as compared with the $126.9 billion recorded last year (2010).

According to the daily, Shen said China has become Africa’s biggest trading partner, with bilateral trade growing at an annual rate of 28% over the past 10 years, adding that the level of trade in 2011 is expected to set a new annual record, as the bilateral trade has already almost matched 2010.

He said China invested $1.08 billion in non-financial sectors in Africa during the first three quarters of 2011, up 87% from one year earlier.

“China-Africa cooperation in various sectors, including telecommunications and tourism, has shown great growth momentum. Many Chinese financial institutions operate in Africa, and Chinese airlines have opened direct routes to the continent,” China Daily quoted Shen as saying.

By the end of 2010, more than 2,000 Chinese companies had invested in the continent, according to the publication.

By Ekow Quandzie