[lbo-talk] Re: Africa starts to share in Asia's trade boom

Joe Smith joseph.a.smith1 at verizon.net
Mon Sep 20 09:51:14 PDT 2004


They could have titled this article "Asian Boom Leaves Africa Largely Stuck in the Colonial Division of Labor."

joe

----- Original Message ----- From: <uvj at vsnl.com> To: "lbo" <lbo-talk at lbo-talk.org> Sent: Monday, September 20, 2004 11:50 AM Subject: [lbo-talk] Africa starts to share in Asia's trade boom


> HindustanTimes.com
> Saturday, September 18, 2004
> Africa starts to share in Asia's trade boom
>
> Africa still barely flickers on Asia's economic radar screen, but two-way
trade is experiencing a boom that is likely to be sustained as Asia's thirst for oil and commodities is matched by Africa's hunger for cheap manufactured goods, according to Standard Chartered Bank.
>
> In a new report, the emerging-markets bank said Asia's demand for Africa's
base metals, timber and oil was likely to stay high as China in particular continued to industrialise.
>
> Africa's principal imports from Asia are cars and electronics, but
Standard Chartered said rice and textiles were also likely to become increasingly important.
>
> "The growing trade ties between Asia and Africa reflect a structural
change, suggesting the trend for trade between the two regions is clearly up," StanChart economists Abah Ofon and Bill Xu wrote.
>
> One of the structural changes is Africa's reduced reliance on trade with
its former colonial powers in western Europe.
>
> China, for instance, has now replaced France as the primary export market
for Gabonese wood, StanChart said.
>
> In the other direction, Africa has been Thailand's biggest rice market
since 2000. [snip]



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