Standard Chartered claims trade increase between China and Africa following US tariffs

By professo

The London-based financial services firm, Standard Chartered, has announced an expected rise in trade between Africa and China.

According to a senior executive at Standard Chartered Bank in China, the Asian country is expected to increase its imports from African nations.

The trade growth is expected to be the result of the tit-for-tat trade war between the US and China.

Trade between China and Africa has been continuously growing over recent years, but nations such as Kenya and Nigeria are expected benefit as China aims to find a new source of commodities.

SEE ALSO:

“We believe that countries like Kenya and Nigeria will benefit because China will look to import more from Africa; some agricultural products from Kenya, some oil products from Nigeria,” Carmen Ling, Global Head of internationalisation of the Chinese currency renminbi (RMB) at Standard Chartered, informed Reuters.

“Trade flow patterns will change because China will need to look for new trade partners.” Kenya’s trade with China grew 59 per cent in the four years to 2017, to a total of $5.2 billion, Standard Chartered said, boosting the bank’s business from Chinese clients operating in Kenya by “double digits”.

“We see more and more Chinese clients coming to Kenya, we have seen Kenya grow in importance to become a belt and road hub. This is the gateway.”

Share

Featured Articles

Top 10 most innovative telecom operators in the Middle East

With Dubai-based Telecoms World Middle East in full swing, we chart the most innovative telcos from the region – and look at how they are transforming

Top 10 fastest-growing Indian companies in the UK

Business Chief takes a look at the top 10 fastest-growing Indian companies in the UK, according to the India Meets Britain Tracker from Grant Thornton

Top 10 workplaces prioritising people and planet in the UAE

Sustainable, flexible, collaborative, tech-driven, and amenities-rich, the office of the future considers both people and planet – here are 10 in the UAE

Top 10 female HR execs leading Saudi’s workplace transition

Leadership & Strategy

Top 10 largest asset managers by AUM operating in the UAE

Corporate Finance

Top 10 female CEOs leading Africa’s biggest businesses

Leadership & Strategy