AN ASSESSMENT ON SOMALIA-CHINA FOREIGN TRADE INDICATORS

Authors : Sadak Mohamud Hassan

Pages : 456-465

View : 21 | Download : 18

Publication Date : 2024-02-01

Article Type : Research Paper

Abstract :The exchange of products and services between nations through import and export activity is known as international trade. Increasing exports and lowering imports are the goals of a country\'s international trade strategy, which is formulated by the decisions and actions taken to accomplish these goals. Countries are driven to trade internationally in order to address the growing needs of their populations. In the end, encouraging economic growth is one of the main goals for nations involved in global trade. The purpose of this study is to assess trade metrics related to Somalia\'s trade with China from 1992 to 2021. The Chinese Ministry of Commerce, the World Bank, and the United Nations Trade Organization provided the majority of the data used in the analysis. According to the data, Somalia has a trade deficit since more goods are imported from China than are exported. The study\'s main objective is to look at the two nations\' trade volume, import and export values, and trade balance throughout the previous thirty years. The study\'s conclusions show that trade between the two countries has increased significantly over the last ten years, reaching a total trade value of $1.01 billion in 2021. China is a significant trading partner for Somalia, making up approximately 12.51% of all trade with the nation. While cattle, agricultural products, and minerals are the main exports from Somalia to China, machinery, electronics, textiles, and chemicals are the main goods shipped from China to Somalia. The study suggests actions to boost Somalia\'s export potential, reduce the trade imbalance with China, and strengthen the economy as a whole.
Keywords : Trade relations, Economic development, Somalia, China