HANGZHOU – Trade between African countries and the eastern Chinese city of Yiwu increased 20−fold, while the city’s imports from the continent rose 30−fold in the past half−decade.
Local companies from the city have also invested US$39 million in seven African countries by the end of 2015, about 16% of the city’s overseas investment, according to Yiwu deputy mayor Xiong Tao during the fifth China−Africa Think Tanks Forum, which was held over the weekend.
Last year, imports and exports between African countries and Yiwu reached 49,8 billion yuan (US$7,7 billion ), up 49% year−on−year, accounting for 2,7% of China’s total trade volume with Africa.
“Africa is Yiwu’s second−largest continent−level trade partner after Asia, accounting for 23% of foreign trade,” Xiong said.
Yiwu is the world’s largest wholesale market for small consumer goods.
More than 3 000 African merchants are stationed in Yiwu, and nearly 300 Africans study here. The city reports 80 000 buyers from Africa every year.
Besides, over 5 000 kinds of products from 29 African countries and regions are available at the Yiwu International Trade City.
Source: The Namibian

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