Where wealth is concentrated in Africa
1 day ago
The US trade deficit in goods trade with China narrowed to its lowest level since 2010 last year, as imports from China fell by more than $100bn compared to the previous year. In fact, imports from the world’s largest exporter were even lower than in 2020, when imports from China had fallen to $432bn amid an ongoing trade war between the two countries and disruptions caused by the Covid-19 pandemic, Statista reports.
According to the US Census Bureau, the deficit with China decreased more than 25% to $279bn in 2023, as tensions – both economic and political – between the two superpowers have remained high. Amid those tensions, many companies have tried to reduce their dependency on China by diversifying their supply chain or moving final assembly to other Asian countries.
Moreover, Chinese platforms like Temu, which are shipping increasingly large quantities of packages directly to US consumers, take advantage of the so-called de minimis exception, which allows packages worth less than $800 to enter the US tariff free. These shipments aren’t counted in US trade data, meaning that actual imports from China are higher than official data suggests.
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Where wealth is concentrated in Africa
56 percent of Africa’s millionaires and over 90 percent of its billionaires lived in just five countries in 2023 - South Africa, Egypt, Nigeria, Kenya and Morocco, according to The Africa Wealth Report 2024.
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