adminHowever, he said international mineral prices had continued to weaken during the first four months with gold prices dipping below US$1 500 per ounce while platinum prices went down from US$1 499 per ounce in April to US$1 490 in May.
“The continued weakening of mineral commodity prices poses a serious risk to our export earnings,” he said.
Agriculture also contributed significantly towards exports accounting for 18 percent of the total exports at a cumulative figure of US$180 848 491.
He said to date, tobacco had contributed US$117,3 million towards exports while deliveries stood at 90,04 million kilogrammes valued at US$346,1 million.
Although the manufacturing industry continues to be faced by a myriad of challenges, it has managed to continue contributing towards export earnings.
For the four months to April manufacturing contributed US$114 576 727 accounting for 11 percent of total exports.
Minister Biti said cumulative imports stood at US$2,9 billion in the last four months of the review period.
Imports exceeded exports by approximately US$1,9 billion.
The minister’s economic review indicated the highest expenditure was made in the procurement of fuel, raw materials and consumables. In April alone, imports amounted to
US$704 million compared to the US$718 million recorded in the previous month while exports were at US$210 million compared to US$311 million in March.
This culminated to a monthly deficit of approximately US$194 million.
The ongoing accumulation of debt has become a barrier to the procurement of substantive foreign direct investment, and lines of credit, essential as stimulants for economic upturn and employment creation.
Online Reporter