"China-Africa trade jumps by 39%"
original article by BBC NEWS
this articles by Gaurav Brown
On January 6, 2006, BBC NEWS published an article about trade between China and African countries having surged 39% to $37.17 billion (26.4849 billion EURO). Analysts say the jump was because of China'’s increased imports of oil from Africa, particularly from Sudan. The figures also show that Africa is buying more goods made in China. China has also ceased tariffs on 190 imported goods from the 28 least developed African nations.
From the figures of January to October 2005, Chinese exports to Africatotaledd $15.25 billion, while China'’s imports from Africa were $16.92 billion. Analysts say China is doing this to aid trade and goods movement. "“Oil is central to this, primarily Sudanese oil and trying to develop new oil sources in West Africa,"” said Duncan Innes-Ker from the Economist Intelligence Unit."”In terms of Sudan, it needs to be seen as the biggest producer of African oil outside of Nigeria."” Chinese firms are doing many more African construction projects, mostly infrastructure works.
The EIA (US Energy Information Administration) said that China has accounted for 40% of the growth in global oil demand total in the past 4 years. China overtook Japan to become second-largest consumer of petroleum products, only behind the United States. African oil exploration is also being largely invested by China to try to help meet its growing consumption. According to a chart from BBC NEWS, in 2004, China produced nearly 4 million barrels per day, but consumed about 6.5 million barrels a day. That means the Chinese consume 62.5% more barrels of oil than they produce a day.
tagged Africa & Middle East and Asia
this articles by Gaurav Brown
On January 6, 2006, BBC NEWS published an article about trade between China and African countries having surged 39% to $37.17 billion (26.4849 billion EURO). Analysts say the jump was because of China'’s increased imports of oil from Africa, particularly from Sudan. The figures also show that Africa is buying more goods made in China. China has also ceased tariffs on 190 imported goods from the 28 least developed African nations.
From the figures of January to October 2005, Chinese exports to Africatotaledd $15.25 billion, while China'’s imports from Africa were $16.92 billion. Analysts say China is doing this to aid trade and goods movement. "“Oil is central to this, primarily Sudanese oil and trying to develop new oil sources in West Africa,"” said Duncan Innes-Ker from the Economist Intelligence Unit."”In terms of Sudan, it needs to be seen as the biggest producer of African oil outside of Nigeria."” Chinese firms are doing many more African construction projects, mostly infrastructure works.
The EIA (US Energy Information Administration) said that China has accounted for 40% of the growth in global oil demand total in the past 4 years. China overtook Japan to become second-largest consumer of petroleum products, only behind the United States. African oil exploration is also being largely invested by China to try to help meet its growing consumption. According to a chart from BBC NEWS, in 2004, China produced nearly 4 million barrels per day, but consumed about 6.5 million barrels a day. That means the Chinese consume 62.5% more barrels of oil than they produce a day.
tagged Africa & Middle East and Asia
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