Zimbabwe Records 8.1 percent export growth in first nine months of 2023
ZIMBABWE experienced an 8.1% growth in exports during the first nine months of 2023 compared to the same period last year, according to ZimTrade.
The country’s exports reached US$5.16 billion between January and September 2023, up from US$4.78 billion in the corresponding period of 2022.
Meanwhile, imports increased by 5.4 percent to US$6.67 billion, compared to US$6.32 billion in 2022.
The trade deficit for the period decreased to US$1.51 billion from US$1.55 billion in 2022.
ZimTrade highlighted the significant growth in exports of manufactured or value-added products, which increased by 22 percent from US$264.9 million in 2022 to US$324.1 million in 2023. Manufactured tobacco exports saw a remarkable 60 percent growth, from US$46 million to US$73 million. Additionally, processed food exports grew by 39 percent to US$85.2 million, with sugar, malt beer, and fruit juices being the major exported products in this sector.
ZimTrade attributed the export growth to increased linkages between local manufacturers and buyers in the region, facilitated by their recent programmes. The household electricals and furniture sector also experienced a 21 percent growth, reaching US$18.5 million in 2023 compared to US$15.2 million in 2022.
Other sectors that recorded export growth include hides and skins, packaging and stationery, arts and crafts, and chemicals.
Efforts to diversify export markets have yielded positive results, with new markets gaining a significant share of Zimbabwe’s exports. Exports to South Africa, the largest export destination market for Zimbabwean products, decreased by 10.4 percent to US$1.76 billion from US$1.97 billion in 2022. On the other hand, exports to China increased from US$473 million to US$693 million, while exports to Mozambique recorded an 85 percent increase from US$150 million to US$278 million. Notably, there was a significant jump in exports to Canada, reaching US$42 million in 2023 compared to US$5.6 million in the previous year.-chronicle
