Emmanuel Kafe
BUY Zimbabwe has called for the country’s continued trade surplus to be converted into stronger domestic industries, increased value addition and greater export capacity, saying the latest figures demonstrate the potential of local productive sectors to generate foreign currency.
The call comes after Zimbabwe recorded a US$526.5 million trade surplus in August, the third consecutive monthly surplus and the strongest monthly performance in recent years.
Buy Zimbabwe chairperson Mr Munyaradzi Hwengwere said the positive trade position should provide fresh impetus for policies aimed at strengthening domestic production and ensuring more value generated by the economy is retained locally.
“The third consecutive trade surplus is an encouraging development for Zimbabwe and demonstrates the potential of our productive sectors to generate foreign currency,” he said.
Mr Hwengwere said the country should now build on the momentum by deepening local value chains and reducing reliance on imported goods that could be competitively produced domestically.
“The focus should now be on strengthening local production, supporting domestic manufacturers and ensuring that more value is retained within our economy,” he said.
“A sustained trade surplus must translate into stronger industries, more jobs and greater economic opportunities for Zimbabweans.”
Figures released by the Zimbabwe National Statistics Agency (Zimstat) show that exports rose to US$1.68 billion in August from about US$1.47 billion in July, while imports remained relatively stable at US$1.152 billion.
The August surplus was 64.5 percent higher than the US$320 million recorded in July, highlighting the continued improvement in the country’s external trade position.
However, the composition of exports underscores the need for greater value addition and diversification.
Mineral products continued to dominate Zimbabwe’s export earnings in August, with semi-manufactured gold accounting for 44 percent of total exports.
Agricultural commodities, including tobacco, cotton, seeds and maize, also contributed to export earnings.
Mr Hwengwere said the trade figures should therefore be accompanied by deliberate measures to strengthen domestic manufacturers, deepen local supply chains and expand the range of Zimbabwean products capable of competing in export markets.
He also said policies should encourage greater consumption of locally produced goods, arguing that stronger demand for domestic products would help manufacturers expand production and retain more value within the economy.
The organisation will host Buy Zimbabwe Week from November 23 to 27, an initiative aimed at showcasing locally produced goods and encouraging consumers and businesses to prioritise Zimbabwean products.
