Exports surge

Zimbabwe’s exports have surged significantly in the first quarter of the year, reaching US$1,72 billion, a 25 percent increase from the same period last year, Zimtrade has said.

The growth is attributed to strategic initiatives by President Mnangagwa’s administration to boost the visibility and market presence of locally made goods and services globally.

The country’s engagement with various nations has opened up pathways for Zimbabwean products to access regional and international markets.

The upcoming Africa-Nordic Foreign Affairs Ministers Meeting to be hosted in Harare next year underscores the success of Zimbabwe’s diplomatic efforts under the leadership of President Mnangagwa.

These initiatives, coupled with pro-active economic diplomacy by the Ministry of Foreign Affairs and International Trade, have not only restored confidence in Zimbabwean products but also set the stage for sustainable growth, promising a bright future for the nation.

The increasing demand for Zimbabwean products reflects the superior quality they offer compared to competitors.

“Statistics recently released by ZimStat show that the country’s exports stood at US$1,72 billion between January and March this year, which is a 25 percent increase compared to US$1,38 billion recorded in the same period in 2023.

“As part of sustainable development measures, Zimbabwe has made steadfast progress in boosting exports of manufactured products, as over-reliance on primary commodities exposes that nation to international price shocks,” said the national trade development and promotion body.

“Between January and March this year, exports of manufactured or valued added products increased by 55 percent from US$76,7 million recorded last year, to US$119,2 million in 2024.”

ZimTrade said major imported products were machinery and equipment accounting for US$384 million, which is 18 percent of total imports, raw materials (US$280 million) constituting 13 percent and fuels and electricity (US$247 million) constituting 12 percent.

The organisation said further to export growth, the country has made substantial strides in curtailing the trade deficit, a long-standing hurdle that previously impeded growth as the nation was purchasing more than it was selling on the international market.

“Figures show that although imports also increased by seven percent to US$2,14 billion from US$2 billion in 2023, the trade deficit for the period under review stood at US$420 million, which is a 32 percent decrease when compared to a deficit of US$623 million recorded during the same period in 2023,” said ZimTrade.

“With regards to export markets, the country has maintained a favourable market diversification stance, with a decrease in over-reliance on one market.

“Exports to South Africa, which is Zimbabwe’s largest export market declined by 13 percent to US$532 million, from US$610 million, at the same time exports to the United Arab Emirates increased by 21 percent to US$463 million, from US$382 million.”

Exports to China also increased by an impressive 132 percent to US$320 million in 2024 from US$137 million.

The country has also seen a growth in exports to Mozambique, Indonesia, Hong Kong, Zambia and Vietnam.

During the period under review, there have also been notable exports to non-traditional markets such as India (US$12 million), Armenia (US$4,8 million), Paraguay (US$3,8 million), Yemen (US$2,1 million) and Egypt (US$1,8 million). —@SikhulekelaniM1