74
AFRICA
’
S SILK ROAD
:
CHINA
AND INDIA’
S NEW ECONOMIC FRONTIER
commodities, is in noway particular to exports to Asia. Only 20 percent of total African exports to the world are from manufactured products.
In regard to the growth rates of Africa’s exports, growth
is very rapid among petroleum, ores, metals, and gold. However, primary commodities and limited value-added products have not been the only African exports on the rise. Though still in their infancy,
high value-added products, such as passenger and transportation vehicles assembled by the FDI-driven automobile industry in South Africa, have
also been increasing rapidly, especially in the last two to three years, largely due to increases in sales to Japan (see table
2A.2 in annex A for growth rates for more detailed product groups).
The trend of sector-specific exports shown in figure 2.13 indicates that the general patterns of Africa’s exports to Asia are quite consistent with the patterns of its exports to the world in general. Oil and natural gas is the leading group of exports
from African countries to Asia, and has grown dramatically over the past decade. Crude oil recorded an annual growth rate of 19 percent, while oil products recorded an annual growth rate of percent. The similarity in sectoral composition and growth patterns between Africa’s exports to Asia and Africa’s overall exports essentially implies that Asian countries have become more representative of Africa’s typical export destinations worldwide.
11
FIGURE 2.13
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