ZIMBABWE exported good worth US$1,28 billion to China last year and imported US$1,3 billion worth of machinery and raw materials from the world’s second biggest economy, officials said this week.
The data means the southern African country spent more to secure Chinese products during the period than what China used, with the overall trade in favour of Beijing by a slender margin.
Allan Majuru, chief executive officer at ZimTrade said on Monday the US$1,28 was a significant rise in Harare’s exports to Beijing during the period, which underlined growing trade ties between the two countries.
Speaking during an event to promote the 7th China International Import Expo (CIIE) and Hongqiao International Forum, Majuru said exports to China have substantially increased in recent years.
“The growth of Zimbabwean exports to China has been significant in recent years,” Majuru said.
“In 2023, Zimbabwean exports to China hit a record high of US$1,28 billion, representing a 119,7% increase from the previous year. This surge in trade reflects an upward trajectory in the relations between the two countries. China is Zimbabwe's third largest export destination and second largest source market for imports,” he said.
The forthcoming 7th China International Import Expo (CIIE), slated to take place in Shanghai, China's global financial centre, from November 5–10, 2024 has evolved into a symbol of worldwide trade and cooperation, illuminating the value of alliances and the contribution of international trade to economic growth.
Majuru said Zimbabwe’s imports from China largely consisted of machinery while Harare was exporting to Beijing a range of agricultural produce.
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“Zimbabwe's imports from China were US$1,3 billion in 2023. It is great to note that the bulk of this is machinery and raw materials, where in 2022 Zimbabwe imported machinery, boilers, mechanical equipment worth US$276 million.”
“On the export side, minerals and tobacco dominate, but the good thing is things like citrus, leather products, are also coming into the picture so that we diversify our exports,” the Zim trade boss said.
“This expansion into new product categories indicates the growing potential for Zimbabwean products in the Chinese market,” he added.
