‘Zimbabwe exports jump 31 percent half-year’

ZIMBABWE’S exports grew by 31 percent to US$3,3 billion between January and June 2022 compared to US$2,52 billion during the same period last year, the national trade development and promotion agency, ZimTrade, has said.

It attributed the positive strides to the country’s continued engagements and re-engagement with foreign countries on deepening economic co-operation.

This comes as the Second Public led by President Mnangagwa has intensified efforts to steer export led economic growth and inclusive participation on industrialisation.

President Mnangagwa

“Statistics released by ZimStat recently shows that the country recorded a 31 percent export growth during the first half of the year compared to the same period last year,” said ZimTrade in a latest update.

“According to ZimStat, the country’s exports between January to June this year stood at US$3,3 billion compared to US$2,52 billion recorded same period in 2021.”

According to the National Export Strategy, launched in 2019, Zimbabwe has set a target of US$6,26 billion exports of goods and US$651 million in services.

ZimTrade said the export record of US$3,3 billion shows that the country has attained just above 50 percent of the target and projections are that the country will meet the end of year target.

The Mid-Term Monetary Policy Statement presented by Reserve Bank Governor, Dr John Mangudya revealed that the country’s exports are projected to close the year at US$7,35 billion, which will be above 2023 target set in the National Export Strategy.

Dr John Mangudya

ZimTrade revealed that processed foods sector has been registering positive strides as it recorded 31 percent increase from US$27,5 million to US$35,9 million in the first half of the year.

This has been attributed to the growing preference for local products in regional markets.

The trade agency also said manufactured tobacco exports increased from US$26,8 million in June 2021 to US$28,1 million in June 2022 translating to 4,7 percent growth.

Further to this, ZimTrade said exports from the hides and skins sector increased by 44 percent from US$7,2 million in the first-half of 2021 to US$10,4 million during the same period in 2022.

Other products, which contributed to export growth are building and construction, which stood at US$19,5 million during the period under review, marginally up from US$19,4 million recorded in 2021. “Other sectors that also recorded an increase in exports include the packaging and stationery sector’s exports, which recorded an 85 percent growth, from US$4,4 million in June 2021 to US$8,2 million in June 2022,” said the agency.

It noted that Zimbabwean products were most preferred in regional markets such as Botswana and Zambia owing to their high quality compared to competition. Although exports of value-added products are on the increase, overall exports are still dominated by raw minerals, which is not sustainable in the long run.

“Exports of manufactured or valued added products also increased by 17,9 percent from US$143,4 million in January to June 2021 to US$169,1 million in 2022,” said ZimTrade. —chronicle.l.zw