Chronicle EditorHarare Bureau
LOCALLY manufactured goods now account for over 65 percent of products being sold by retailers, while export receipts jumped by 49 percent to US$1,8 billion during the first three months of the year.
Latest data from the Ministry of Industry and Commerce shows that the shelf space taken up by local products has increased significantly, while export earnings soared despite headwinds caused by the coronavirus pandemic.
Access to foreign currency from the Reserve Bank of Zimbabwe (RBZ)’s weekly foreign currency auction, closure of land borders and increased power supplies were some of the factors that caused the rebound.
Industry and Commerce Permanent Secretary Dr Mavis Sibanda told our Harare Bureau that local manufacturers had become increasingly innovative.
Between 2018 and 2020, the manufacturing sector witnessed increased production in the clothing, textile, food, non-metallic mineral (bricks and cement), pharmaceutical, and paper, printing and publishing sub-sectors.
A snap survey conducted by our Harare Bureau last week showed that local brands dominated shelf space for flour and edible oil products.
It was also the same pattern for rice and pasta brands, including teas, washing powder, bathing soap, biscuits, breakfast cereals, tissues and juices.
The Reserve Bank of Zimbabwe (RBZ), she added, had allocated over US$900 million to local manufactures over the first three months of 2021, with the bulk of the funds going towards procurement of raw materials.
This has helped local companies ramp up production over the last few months.
Online Reporter