Zim’s exports expand 31pc
ZIMBABWE’S export receipts between January and May 2021, improved by 31 percent to US$2,02 billion compared to US$1,53 billion during the same period in 2020 despite the negative impacts of Covid-19 pandemic.
On the flip side, imports in the same period stood at US$2,43 billion, 29,8 percent higher than US$1,88 billion in the relative period last year.
Key contributors to the exports in the period under review included mining products and tobacco.
Minerals including alloys and unprocessed tobacco contributed 80,92 percent and 11,7 percent to the exports respectively.
By comparison minerals and alloys input to the national exports surged by 7,36 percentage points from 73,56 percent reported in 2020.
Clothing, footwear, and textiles exports increased by 76,62 percent to US$19,95 million from US$11,3 million in 2020.
Major exported products in the sector were cotton at US$10,6 million and men and boys’ suits, ensembles, jackets, blazers, trousers worth US$2,8 million.
Primary commodities continue to dominate the country’s trade offerings as evidenced by export composition during the period under review.
According to national trade development and promotion body, ZimTrade, “Trade has been negatively affected by the coronavirus pandemic across the world but Zimbabwe’s exports show resilience as they continue on an upward trend.”
South Africa remains the top market for Zimbabwean exports accounting for the 40 percent of total goods exported, United Arab Emirates comes second with a 19 percent uptake of Zimbabwean exports while Mozambique constitutes nine percent of the exports from the country.
Over the same period in 2020, South Africa accounted for 36 percent of total exports, whilst United Arab Emirates and Mozambique accounted for 23 percent and 10 percent, respectively.
Malawi, Tanzania, Rwanda, Zambia and Democratic Republic of Congo (DRC) are some of the emerging markets seeking Zimbabwean products.
Machinery and equipment, motor vehicles and parts as well as fuel and electricity are the main constituents of the US$2,43 billion imports made by the country between January and May in 2021.
However, data from ZimTrade revealed that, machinery and equipment imports declined by 81, 8 percent while that of motor vehicles and parts slowed by 68 percent in comparison to 2020.
On the other hand, fuel and electricity importation declined by 43,4 percent while raw materials imports declined by 49,1 percent.
Resultantly, the country recorded a US$416 million trade deficit for the period under review, which is an increase when compared to a deficit of US$340 million recorded during the same period in 2020.-heralc.l.zw
