Zim exports jump 29,7pc in November
Zimbabwe’s export earnings surged 29,7 percent to US$905,2 million in November 2024, driven by strong performances in gold and tobacco exports, according to the latest report from the Zimbabwe National Statistics Agency (ZimStat).
Gold and tobacco exports constituted over 50 percent of November’s total export value, the figure show.
Gold exports soared to US$361,09 million, accounting for 39,7 percent of all exports for the month.
Tobacco exports were valued at US$280,3 million, contributing 30,5 percent to the overall export figure.
When combined, tobacco and gold exports amounted to US$641,496 million, translating to 70,86 percent of the total export value for November.
During the month under review, imports totalled US$952,1 million, reflecting a 13,9 percent increase from the October value of US$835,9 million.
Mineral fuels, mineral oils and products, machinery and mechanical appliances, cereals, and vehicles were among the top 10 imported products in November.
The growth in exports narrowed the trade deficit of US$46,9 million.
A trade deficit reflects the difference between a country’s export and import values.
A decline in this deficit is generally considered positive, as it indicates the country has more foreign exchange available to meet critical foreign payment obligations.
Total exports from January to November 2024, reached US$8,64 billion, from US$9,2 billion realised for the entirety of the previous year, 2023.
Zimbabwe has been actively pursuing strategies to boost exports and curtail imports.
The efforts include initiatives to diversify export markets, enhance the competitiveness of local industries, and promote import substitution through the development of domestic manufacturing capabilities.
In a bid to reduce its reliance on imports and boost local industry, Zimbabwe has identified seven key sectors for import substitution.
The country’s short term manufacturing blueprint, the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP outlines a series of interventions to promote industrial growth, including measures to enhance intermediate manufacturing, optimise value chains, and increase local content.
The plan runs between October 2024 and December 2025.
Despite the potential of the local manufacturing sector, Zimbabwe continues to spend significant foreign currency on imports.
To address the issue, the Government has prioritised seven sectors for import substitution namely tyres, motor vehicles, fertilisers, pharmaceutical products, articles of iron and steel, cement, and edible crude oil.
The Government also plans to implement various measures to support local production in the economy, such as repealing certain regulations, providing incentives for local assembly, and investing in infrastructure.
By successfully implementing these import substitution strategies, Zimbabwe aims to reduce its dependence on foreign imports, create jobs, and strengthen its domestic economy.
In addition to its efforts to revitalise existing industries, ZIRGP also prioritises the utilisation of idle manufacturing infrastructure and the implementation of a local content strategy.
Throughout the country, there is a significant amount of unused manufacturing infrastructure, including empty factory shells and outdated railway infrastructure.
The ZIRGP aims to address this by taking stock of such assets and making them available to SMEs, potential investors, and businesses in need of operating space.
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