"China has become a more important trade partner but its market share is still modest, with four percent of imports and 3,4 percent of exports. India accounts for 0,85 percent of imports and 1,4 percent of exports while the United Arab Emirates provide 0,6 percent of imports and buy 1,2 percent of Zimbabwe's exports."
This comes amid misconceptions that China is now Zimbabwe's major trading partner, caused mainly by the high levels of publicity given to the Chinese – especially by the government-controlled media outlets.
China, like Nigeria, has already been given "Favoured Nation Status" after bailing the nation out of its serious financial quagmire caused mainly by the suspension of much needed balance of payments supports for its economic recovery programme by the USA and the European Union.
In 2009, China surpassed the US and became Africa's main trading partner, while the share conducted by Africa with emerging partners had grown from about 23 percent to 39 percent in the last 10 years.
Africa's top five emerging trade partners are now China (38 percent), India (14 percent), Korea (7,2 percent), Brazil (7,1 percent), and Turkey (6,5 percent).
Trade between Africa and its new partners is now worth US$673,4 billion annually.
"Africa has gone through a remarkable decade of economic transformation, which has opened a new era of opportunity for the continent,” says the report.
Post published in: Business
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This is a smart blog. I mean it. You have so much knowledge about this issue, and so much passion. You also know how to make people rally behind it, obviously from the responses.
I am currently in China, and am absolutely appaulled by what I am reading. How did we get from Christianity to Bhuddism???? My biggest issue is someone who had such high views on Chairman Mao is imposing Bhuddism in ZIMBABWE. Freedom of religion is not even allowed in China, how dare they impose whatever religion this is in anywhere else!