Story by Stanley James
TRADE between Zimbabwe and China has reached a massive US$1.9 billion during the first five months of this year, representing an annual growth rate of over 18 percent.
Figures released during the China-Zimbabwe Business Forum held in Harare this Tuesday revealed continued growth in trade ties between the two economies, as Zimbabwe’s exports to the Asian economic giant have risen by over 14 percent to more than US$1.9 billion.
Zimbabwe’s imports from China were pegged at over US$600 million during the period under review, reflecting a 29 percent increase.
However, it is Zimbabwe that recorded a surplus of over US$7 million, reflecting strides by the Second Republic’s efforts to boost external markets by incentivising local industries.
China is pledging increased business ties with Zimbabwe.
“For the period under review, it is imperative to observe that tobacco has been the key export commodity by Zimbabwe to China. However, horticultural produce, including citrus commodities, is in the second spot mainly as a result of increased demand. In the long term, both countries stand to benefit, riding on improved relations that have created scope for further growth in business, investments, and trade in the fields of energy, mining, agriculture, manufacturing, and tourism, among many other strategic sectors,” China Zimbabwe Exchange Centre CEO, Mr Steve Ke Zhao said.
The government expressed gratitude to the Asian economic giant for its commitment to help Zimbabwe.
“The figures that have been released today show the commitment by the two economies to scale up ties. In fact, they also reflect the ever-rising cooperation that is translating into increased business activities. Going forward, we just need to identify more opportunities for growth and pinpoint areas where we can bolster existing ties or relations,” Permanent Secretary for Presidential Affairs and Devolution, Engineer Tafadzwa Muguti noted.
According to ZimTrade, China is ranked among the top five global trading partners for Zimbabwe.
