Zambia-China trade climbs 30 percent, hits US$6.73 billion in 2022

Trade volumes between Zambia and China have reportedly increased to US$6.73 billion in 2022, resulting in over 30 per cent increase from 2021.

The Standard Bank Group, and the ICBC had entered into a strategic partnership 15 years ago on the understanding of the importance of China as a global economic player and in particular, Africa.

This is according to a statement by Stanbic Bank on Thursday.

The partnership is said to have enabled the provision of China-Africa financial services for its clients.

The bank recently launched the Zam-China Trade Connect to finance cross-border trade between China and Zambia, previously known as the Africa China Trade Solution (ACTS).

She said in March, this year, data also showed that Asia was the main source of Zambia’s imports accounting for 53.8 percent and that within this grouping, China was the main source of imports accounting for 28.1 percent.

Head Corporate and Investment Banking, Helen Lubamba, said they had positioned to support the Chinese business sector with suitable financial services.

“We have tailor-made products for our Chinese clients that cover personal, enterprise, commercial and corporate banking needs. We do provide Chinese Yuan accounts for transactions as well as online banking services,” Lubamba said.

To realise the potential available in the Africa-China Trade Corridor, Lubamba said they introduced the Zam-China Trade Connect where it has partnered with a reputable supply chain agent known as ‘Guamao.’

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