According to the IMF, China in 2014 accounted for more than 20 per cent of exports in about 15 sub-Saharan countries, including Angola, the DRC, South Africa and Zambia. Interestingly, exports to the other BRICS economies also increased over the past decade, by close to 20 per cent on an annual basis. But China’s relevance for African economies is not limited to trade links.
According to the United Nations Conference on Trade and Development (UNCTAD), China is now the largest developing foreign investor in Africa, and official Chinese data indicate a doubling in the stock of foreign direct investment to Africa between 2009 and 2012, to $ billion. The sharply lower commodity prices equally hold significant implications for Africa.