Africa Buys More From China Than Ever. That's a Problem.
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Show Notes
China-Africa trade in the first eight months of the year increased by 15% to more than $220 billion, on track to break another annual record. A significant portion of that growth, however, stemmed from a surge in Chinese exports to African countries, exacerbating an already substantial $60 billion African trade deficit with China.
South Africa, by far, is China's most important trade partner on the continent, and it is attempting to close that gap by increasing its exports of agricultural products to China. The problem, however, is that it will take a lot more than selling fruits and vegetables to narrow the country's gaping trade deficit. In the meantime, local producers are facing growing pricing pressure from the surge of low-cost Chinese imports.
Eric & Cobus discuss the difficult position that many African countries are facing in this new, more competitive trade landscape.
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