With the weakening of the traditional markets in Europe and the United States, Africa has become an important target market for foreign trade enterprises in Ningbo. According to statistics from Ningbo Customs, in January, the volume of trade with Africa reached $340 million, up by 10.4% over the same period last year, accounting for 4.1% of the total foreign trade volume of Ningbo. To be specific, the volume of imports reached $56.82 million, an increase of 2.6%, and that of exports reached $280 million, up by 12.1%.
The general trade is the main means of trade between Ningbo and Africa. Its volume reached $310 million, up by 10.9%, accounting for 91.2% of the trade volume with Africa. The major imports from Africa include iron ore and concentrates ($27.282 million, up by 3.6 times) and old metal ($9.12 million, up by 4.2%). The major exports are mechanical and electrical products ($120 million, up by 11.4%) and textile and garments ($54.269 million, up by 5.4%).
In January 29 local time, the 18th African Union Summit was held in Addis Ababa, capital of Ethiopia, which is of great significance to the Sino-African relations. It is advisable for related import and export enterprises to seize the chance to make efforts to explore more diversified marketing channels in Africa.
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