South Africa's biggest bank, Standard Bank, on Monday said trade between Africa and China this year is likely to surpass 200 billion U.S. dollars.
The bank said in a report written by its economists that "this year it is expected the Sino-Africa trade will go beyond 200 billion U.S. dollars from 166 billion U.S. dollars last year." Today China accounts for 20 percent of Africa's trade and Africa has become China's fastest-growing export destination and trade partner.
China's trade with Africa has grown nearly twice as fast as its trade with Latin America, which is the second strongest performer, according to the report.The bank estimated that 18 percent of Africa's imports were sourced from China this year so far, up from 16.8 percent in 2011.
The report also said China's imports from Africa has increased by 26 percent this year.