Zimbabwe’s exports bulk 23 percent in August

The country’s exports increased 23 percent in August to US$674 million from July figures of US$548,3 million on the back of minerals and tobacco.

According to the Zimbabwe National Statistics Agency (Zimstat), the country’s trade deficit during the period under review declined by 27,7 percent from US$274,9 million in July.

“The total value of exported goods in August 2024 was US$674 million, representing a 22,9 percent increase from US$548,3 million reported in July 2024.

“The August 2024 trade deficit for goods was US$198,7 million,” said the agency in a latest report.

Among the top 10 products exported in August 2024 were semi-manufactured gold (37,9 percent), tobacco (13 percent) and nickel mattes (9,8 percent).

During the month under review, Zimbabwe’s major exports were also dominated by ferrochrome and coal.

Zimbabwe’s major export destinations in August were the United Arab Emirates (38,9 percent), South Africa (25,4 percent) and China (8,9 percent) and Zimstat indicated that the above three countries accounted for around 73 percent of the total export value.

Of late, the UAE has risen to become a significant trading partner for Zimbabwe with the country exporting minerals and horticultural products to that Asian nation.

Prior to 2017-2018, UAE did not even feature in the top 10 export destinations for Zimbabwe products.

Zimbabwe’s imports for August amounted to US$872,8 million, an increase of 6 percent from US$823,2 million recorded in July 2024.

“Among the major source countries for imports in August 2024 were South Africa (41,4 percent), China (14,9 percent), Mozambique (5,4 percent) and Bahamas (4,7 percent).

“The four countries accounted for around 66 percent of the total import value of US$872,8 million,” said Zimstat.

In August, the country’s imports were dominated by mineral fuels, mineral oils and products, machinery and mechanical appliances, cereals, vehicles, and animal or vegetable fats and oils.

Underpinned by the National Development Strategy 1 (NDS 1), ZimTrade — the country’s trade promotion and development body, is seeking to improve total exports by at least 10 percent per annum to US$14 billion by 2030.

Last year, Zimbabwe’s total value of exported goods grew by nearly 10 percent to US$7,2 billion from US$6,59 billion realised over the same period in 2022.

Meanwhile, ZimTrade has said the operationalisation of the African Continental Free Trade Area (AfCFTA) agreement has created huge opportunities for Zimbabwe to cultivate new export markets and grow shipments across the vast continental market.-ebsinessweekl