Online Reporter
Edgar Vhera
Specialist Writer — Agribusiness
GOVERNMENT-facilitated and private-sector-driven policies initiated by the Second Republic led to export earnings tripling to US$10 billion last year, up from US$3 billion in 2017.
Statistics from the Zimbabwe National Statistics Agency (ZimStat) show that the country’s export earnings rose by 179 percent.
Minerals and agricultural commodities were the main drivers of the sustained export growth. Between 2017 and 2019, monetary gold, tobacco (partly or wholly stemmed/stripped), nickel mattes, nickel ores and concentrates, and ferro-manganese were the top five exports in decreasing order.
These five commodities accounted for over 75 percent of the country’s exports yearly.
In 2020, nickel mattes overtook gold in the first spot, while tobacco, nickel ores and industrial diamonds completed the top five slots.
Gold regained its first position in 2021 and continues to date, followed by nickel mattes, nickel ores, tobacco and ferro-manganese.
In 2022, the second position was taken by nickel ores and concentrates, followed by nickel mattes, while tobacco and ferro-manganese completed the first five positions.
Semi-manufactured gold, tobacco, nickel mattes, nickel ores and concentrates, and ferro-chromium occupied the top five positions in 2023 and 2024.
Last year, semi-manufactured gold grossed US$4,6 billion, with nickel mattes next at US$1,4 billion and tobacco third at US$1,3 billion.
Ferro-chromium is in fourth position, with the country receiving US$367 million, while coke and semi-coke of coal are fifth.
The above five goods dominated the country’s exports by raking in 81 percent of the national total of US$9,7 billion.
The continuous increase was triggered by the inaugural speech by President Mnangagwa on November 17 in 2017, when he pledged his Government’s resolve to provide compensation, address land tenure and ensure national stability and sustained economic recovery.
He said agriculture was to be placed at the centre of the country’s economic policy, while foreign investments were safe and there would be respect of Bilateral Investment Promotion and Protection Agreements (BIPPA).
The 2018 financial budget buttressed the President’s call by indicating that the fiscal policy would be aimed at the removal of policy uncertainty and inconsistency, lowering the cost of doing business, re-engaging with the international community, security of land tenure, introduction of bankable land leases, enhancing foreign exchange generation and enhancing exporters’ competitiveness.
The Second Republic crafted the Transitional Stabilisation Programme (TSP) that further supported revival of the economy through the removal of all regulatory impediments and promotion of private sector financing mechanisms to guide the reform process during the period 2018 to 2020.
Based on the Vision 2030 objectives of an empowered and prosperous upper middle-class economy, the Second Republic developed the National Development Strategy 1 (NDS1): 2021-2025.
NDS1 was the first five-year medium-term plan aimed at realising the country’s Vision 2030, while simultaneously addressing the global aspirations of Sustainable Development Goals (SDGs) and Africa Agenda 2063.
Building on the solid foundation laid by the TSP and NDS1 and in order to consolidate the gains achieved over the last five years in macro-economic stability, infrastructure development, climate-proofing agriculture, structural transformation, underpinned by value addition and beneficiation and the ease of doing business, the Second Republic has developed the National Development Strategy 2 (NDS2), 2026-2030).
NDS2 is premised on national priorities that span across all dimensions of development and is fully aligned with regional, continental and global development frameworks.
These frameworks include the Southern African Development Community (SADC) Regional Indicative Strategic Development Plan (2020-2030), the African Union (AU) Agenda 2063 and the United Nations (UN) Sustainable Development Goals (2015-2030).
NDS2 will prioritise industrialisation, modernisation, value addition and beneficiation, predominantly of agricultural and mineral commodities, to drive more value, curtail export of jobs and increase import substitution. Various sector-specific policies were crafted over the last nine years to anchor export growth.
In February this year, the Government suspended the export of lithium concentrates and other raw minerals as part of a broader strategy to enhance accountability, promote beneficiation and strengthen value retention across the mining sector.
Prospect Lithium Zimbabwe has since started exporting its first lithium sulphate batch from its US$400 million processing plant, marking the country’s inaugural production of lithium salt and a major step in advancing Government policy on local beneficiation.
