China has posted its biggest ever trade surplus with exports growing to $333 billion in July, new Chinese government data has revealed.
The total trade surplus reached $101.3 billion for the month, breaking the record previously set in June. Exports rose by 18% when compared to July 2021.
African commodities
An increase in trade between China and Africa was partly responsible for this boom, rising by 16.6% to $137.4 billion in the first half of this year.
A recovery in commodity prices, including oil, was a significant factor in this increase, according to the South China Morning Post.
Many African countries are resource-rich and supply vital commodities to China – such as oil from Angola, copper from Zambia, and cobalt from the Democratic Republic of Congo for batteries for electric vehicles and IT equipment.
China imported goods worth $60.6 billion from Africa in July, a 19.1% increase on equivalent 2021 figures, while exports to the continent increased by 14.7% to $76.8 billion.
