Zimbabwe-China annual trade clocks US$2,2bn

TRADE between Zimbabwe and China jumped 30 percent year-to-year to an impressive US$2,24 billion between January and November last year.

Zimbabwe exported $1,21 billion and imported US$1,03 billion to China, further deepening diplomatic relations between Harare and Beijing, which progressively translate into growing trade.

Official figures from the Chinese Embassy in Zimbabwe reveal that Beijing imports contributed a US$180 million trade surplus for Zimbabwe, in the process boosting the economy.

China is one of Zimbabwe’s largest trading partners together with South Africa, and recently the United Arab Emirates, with Government describing the giant Asian country as an all-weather-friend.

“China-Zim trade lifted 30 percent year on year to $2,24 billion in Jan-Nov, surpassing the US$2 billion threshold, of which Zimbabwe exported US$1,21bn to China and imported $1,03 billion from China,” said the embassy in a post on its official Twitter handle.

“China’s continually expanding imports contributed US$180 million trade surplus for Zimbabwe, boosting its economy and bolstering bilateral ties.”

Over the years, Beijing has bankrolled key infrastructural projects in the country.
Notable investments by Chinese firms include the US$1 billion steel manufacturing plant being constructed by Dinson Iron and Steel Company (Disco), a Zimbabwe-based subsidiary of the giant Chinese steel producer, Tsingshan Holdings.

The integrated project encompassing mining, processing, and beneficiation will employ up to 6 000 workers.
Around 14 000 other upstream and downstream jobs are projected to be created from the project, which will initially produce about 600 000 metric tons of steel per year.

In September, President Mnangagwa presided over the signing ceremony of the proposed US$13 billion mining-to-energy industrial park in Darwendale, Mashonaland West province.

The project is being undertaken by two Chinese firms — Eagle Canyon International Group Limited and Pacific Goal Investment.

President Mnangagwa

China has also supported Zimbabwe by extending funding facilities for infrastructure projects such as the ongoing US$1,4 billion Hwange Thermal Power Station expansion project, which is nearing completion.

Upon completion, two new units at the power station will contribute an additional 600MW to the national grid.

As the country moves towards the attainment of Vision 2030 of becoming an upper middle-income economy, the Government continues to encourage value addition and beneficiation so that the country exports finished goods, which helps create more employment for locals.

Already, Zimbabwe’s exports grew by 34,7 percent to US$671,3 million last November from US$498,5 million recorded in October, official statistics show.

In line with the National Export Strategy, which was launched in 2019, Zimbabwe has set a target of reaping US$6,26 billion in exports of goods and US$651 million from services each year.-chronicle.co.zw