Africa's exports to Asia are growing faster than Exports to any other region

According to the World Bank publication on Asia-Africa trade "Africa's Silk Road: China and India's New Economic Frontier" Asia receives about 27 percent of Africa’s exports, in contrast to only about 14 percent in 2000. This volume of trade is now almost on par with Africa’s exports to the United States and the European Union, Africa’s traditional trading partners. What is also surprising is that the EU’s share of African exports has halved over the period 2000–05.

According to the report, exports to China and India have grown 1.7 times more than exports to other regions and of the two countries, China is the more dynamic market for Africa's exports. Exports to China alone grew annually at about 48% between 1999 and 2004 compared to an annual growth of 14% for India. On the whole, exports to China from Africa total 10% of Africa's total exports to the rest of the world, which means that China has overtaken Japan as the leading Asian importer of African products.

According to Chinese customs data, trade between China and Africa reached a record US$106.84 billion in 2008, up 45.1 percent from a year earlier. Exports to Africa reached US$50.84 billion, up 36.3 percent while imports from Africa hit US$56 billion, up 54 percent. China had a trade deficit of US$5.16 billion with Africa in 2008, compared with a surplus of US$940 million in 2007. The number of African countries with which China had more than US$1 billion in trade increased to 20 in 2008 from 14 in 2007. Angola remained China's largest trading partner in Africa and South Africa came second.

However there could be mixed reactions across Africa and especially in relatively robust economies where there are clear winners and losers. For instance textile mills and other light manufacturing factories have suffered and even closed as cheap Chinese goods flood world markets, eliminating jobs in countries that sorely need them. Ultimately this could be an issue for market institutions and import regulatory authorities to monitor, including increased governance in relevant agencies.

Nonetheless, these developments are dramatic and may require new policy responses from African countries with regard to export development and promotion efforts. The increases in exports may lead to even more emphasis on south-south trade as provided for under the WTO Enabling Clause paragraph 2(c) which permits preferential arrangements among developing countries in goods trade. There is currently no regional trade agreement between African countries and China however there are ongoing negotiations between SACU and India.