Trade between Zimbabwe and China reached US$4.408 billion in 2025, with Zimbabwe recording a US$738 million surplus as mineral exports and Chinese-backed investments in mining and processing continued to shape bilateral economic relations, Mining Zimbabwe can report.
By Rudairo Mapuranga
Figures from China’s Ministry of Commerce show that Zimbabwe exported goods worth US$2.573 billion to China in 2025, while imports from China totalled US$1.835 billion.
The figures put the trade surplus at US$738 million, reflecting the value of Zimbabwean goods sold to China exceeding the value of Chinese goods imported into the country.
The relationship has continued to evolve in 2026, with steel exports, particularly from Dinson Iron and Steel Company (DISCO)’s Manhize project, and growing agricultural exports contributing to Zimbabwe’s trade performance.
According to the Chinese Ministry of Commerce, Zimbabwe’s exports to China increased significantly during the first seven months of 2026, with the country’s share of Zimbabwe’s total exports rising from 12.5 percent to 19.6 percent.
The ministry reported that exports from Zimbabwe to China rose by 142.4 percent to US$1.44 billion over the period.
However, the ministry’s reported growth figures require reconciliation with the separate 55.1 percent increase cited in the same account, as the respective comparison periods and trade measures are not clearly established.
The distinction is important in assessing the pace of export growth and the contribution of individual sectors to Zimbabwe’s changing trade balance.
Lithium Remains Central to Trade Growth
Minerals remain a major component of Zimbabwe’s exports to China, alongside tobacco, stone products and ferrochrome.
Zimbabwe’s expanding lithium industry has strengthened its position in China’s battery-material supply chain, with Chinese companies investing in mining operations and processing facilities intended to increase the level of value addition before export.
Minister Counsellor Han Bing, from the Department of West Asian and African Affairs in China’s Ministry of Commerce, said Zimbabwe’s lithium export earnings had increased from US$1.8 million in 2018 to US$500 million in 2025.
Han projected that the country’s lithium export earnings could reach US$1 billion in 2026. He also said Zimbabwe’s lithium mining industry generated US$746 million in export earnings during the first half of 2026.
The figures highlight the growing importance of lithium to Zimbabwe’s export sector, although the commodity coverage used in the different estimates needs to be established to allow direct comparison.
Zimbabwe’s lithium industry has attracted substantial Chinese investment, particularly in projects seeking to move beyond the export of unprocessed or partially processed concentrate.
Zhejiang Huayou Cobalt operates Arcadia Lithium in Goromonzi, where the company has invested in mining and processing operations.
The company has also invested US$400 million in a lithium sulphate plant with a reported annual capacity of 50,000 tonnes. According to the information presented by the Chinese side, the facility began operations in April 2026 and has shipped its first consignment to China.
Sinomine Resources Group operates Bikita Minerals in Masvingo Province and is developing a lithium sulphate processing plant with a reported annual capacity of 100,000 tonnes, with operations expected to begin in 2027.
At Kamativi in Matabeleland North, Sichuan Yahua Industrial Group is developing a lithium sulphate plant with a reported annual capacity of 75,000 tonnes.
Chengxin Lithium Group’s Sabi Star operation is another contributor to Zimbabwe’s lithium industry.
The processing projects form part of a broader shift towards producing higher-value lithium products in Zimbabwe. Their contribution to export earnings will depend on commissioning, production performance, market conditions and the quantities of processed material ultimately exported.
Chinese Investment Extends Beyond Lithium
Han said Zimbabwe had become a major destination for Chinese investment in Africa, with Chinese companies involved in mining, energy, infrastructure and agriculture.
He said China accounted for 76 percent of Zimbabwe’s total foreign direct investment over the period from 2019 to June 2022.
Han also said cumulative Chinese investment in Zimbabwe had exceeded US$10 billion by 2025.
The investment figures underline China’s role in Zimbabwe’s economic development, although the distinction between realised investment, cumulative investment stock and announced project commitments is important when assessing the actual capital deployed.
In the mining sector, Chinese-backed companies have expanded their presence in lithium, while other investments have supported iron and steel production and the development of mineral processing capacity.
DISCO’s Manhize project has become an important part of the country’s steel industry, with its output contributing to Zimbabwe’s industrial production and bilateral trade.
The development of domestic steel production also has implications for the wider mining sector, particularly through demand for raw materials, energy, transport infrastructure and industrial services.
Chinese companies have also participated in electricity generation projects at Hwange and Kariba, while Chinese-backed infrastructure projects have included upgrades to Robert Gabriel Mugabe International Airport and Victoria Falls International Airport.
Reliable electricity and transport infrastructure remain important to mining operations, particularly energy-intensive processing facilities and mines seeking to expand production.
Agriculture Adds to Export Diversification
Agriculture is another component of the bilateral trade relationship.
The Chinese Ministry of Commerce identified tobacco, cotton, fruits and nuts among Zimbabwe’s exports to China, alongside minerals and ferrochrome.
China’s Tian Ze Tobacco Company is among the companies involved in Zimbabwe’s tobacco industry, while other Chinese businesses have interests in agricultural production, cotton and the supply of farming inputs.
Han said a phytosanitary protocol had helped expand Chinese market access for Zimbabwean agricultural products, including citrus, avocados and blueberries.
The ministry reported that horticultural exports increased by 6 percent to US$37 million, with blueberry exports nearly doubling to US$8.5 million.
Zimbabwe began exporting oranges to China in 2023, according to the ministry.
The reported growth in horticultural exports provides another dimension to the trade relationship, although the contribution of agricultural products remains smaller than that of major mineral exports.
Value Addition Remains the Key Test
The expansion of Zimbabwe-China trade presents opportunities for the mining industry, particularly as investments in lithium processing and steel production create the potential for greater domestic industrial activity.
However, the value of trade alone does not establish how much economic benefit Zimbabwe retains from its mineral resources.
The longer-term impact will depend on the extent to which investments translate into operational processing facilities, sustained production, employment, tax contributions and stronger domestic supply chains.
For lithium in particular, the distinction between exporting concentrate and producing processed materials is important. Processing can increase the value of exports, but the economic benefits depend on operating costs, production volumes, market prices and the proportion of value retained locally.
As Chinese-backed mining projects expand, their contribution to Zimbabwe’s industrial development will increasingly be measured by actual production and processing outcomes rather than announced investment values or planned plant capacities.
The growth in bilateral trade therefore presents both an opportunity and a challenge: Zimbabwe must convert rising mineral exports and foreign investment into a stronger domestic industrial base while broadening its export earnings beyond dependence on raw and partially processed commodities.
