Export value of goods from Tanzania to China has increased by 867 per cent reaching over Sh1 trillion in a span of 10 years.Data -- disseminated in Dar es Salaam by the executive director for the Tanzania Chamber of Commerce Industries and Agriculture (TCCIA), Mr Daniel Machemba yesterday -- showed that Tanzania’s exports to the world’s second largest economy (in terms of gross domestic product) rose from $700,000 in 2001 to $677 million (about Sh1.083 trillion) in 2011.
Speaking soon after signing notes of cooperation between TCCIA and the Shandong Chapter of the China Council for the Promotion of International Trade (CCPIT), Mr Machemba said he hoped trade ties between the two countries will improve further by opening up more investment and trade opportunities.
He said between 2001 and 2011 there were 4,721 different types of commodities lined up for export to China.
“We expect that in the forthcoming years export value will rise further. Important aspects under Sino-Tanzania trade relations is that the commodities which have been failing to penetrate global market have found the space. This is positive thing which must be promoted,” said the TCCIA chief executive officer.
Iron ore, coal and other non-precious minerals which have been idle for many years have penetrated the lucrative market accounting for 68 per cent of total export value, he said.
For his part, the TCCIA president, Mr Peter Chisawillo, said that some of the terms of reference of co-operation agreement between TCCIA and CCPIT include transfer of technology and knowledge between the two parties.
Other terms include exchanging information and experience in trade, investment opportunities, research publications, economic co-operation and mutual access of market and trade data.
Source: The Citizen, reported by Ludger Kasumuni from Dar es Salaam, Tanzania
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