China-Africa trade relationship deepens with new shipping routes
The trade relationship between China and Africa is entering a new phase of expansion as several Chinese ports unveil direct shipping routes to multiple African nations. As of May 1, it is anticipated that at least 53 African countries that maintain diplomatic relations with China will benefit from zero tariffs, further propelling this blossoming economic partnership.
According to reports from CCTV News, the Global Times highlighted a significant moment this past weekend at the Qianwan Container Terminal in Qingdao Port, located in East China’s Shandong Province. A vessel laden with goods made in China, such as auto parts, tyres, and solar panels, has set sail for crucial West African ports, including Tema in Ghana and Lagos in Nigeria. This marks the second container shipping route that Qingdao Port has inaugurated this year as it seeks to bolster trade with the continent.
In just the first quarter of the year, the export value from Qingdao ports to Africa exceeded $6.37 billion, reflecting a year-on-year increase of 6.3 per cent. Notably, exports of mechanical and electrical products surged by 37.4 per cent, while the export of high-tech products saw a noteworthy rise of 25.7 per cent, underscoring the growing demand for these goods within African markets.
Additionally, Yantai Port in Shandong has stepped up its engagement by introducing three new shipping routes to Algeria and Namibia, significantly increasing sailing frequencies that aim to alleviate booking pressures faced by foreign trade enterprises. Reports indicate that Yantai Port achieved a remarkable milestone, recording first-quarter cargo volumes surpassing 2 million tons, a 31.9 per cent year-on-year increase. This achievement signifies strong momentum in the “golden two-way logistics corridor” that is developing between China and Africa.
Moreover, Tianjin Port, one of the major ports in North China, has initiated a new container liner service that directly connects it to South Africa. This service strives to bridge the gap in direct shipping routes and introduces a new logistics channel that enhances China-Africa economic and trade cooperation. Tianjin Port states that this route will primarily facilitate the export of steel, building materials, chemicals, and automobiles to South Africa. With a fleet of 12 vessels capable of carrying between 5,700 and 11,000 standard containers, the service operates on a weekly schedule, reducing voyage times from 50 to 40 days. This improvement offers inland cargo a crucial direct shipping service to Southern Africa, considerably lowering logistics costs and enhancing transport efficiency.