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Francis Gakanje-Business Reporter
Zimbabwe recorded a 37 percent jump in exports in the first two months of this year to US$1,18 billion compared to the same period last year, on the back of a massive increase in shipments to China.
Shipments from Zimbabwe totalled US$864,8 million in the first two months of 2023.
Harare’s exports to China, the world’s second-largest economy after the US, increased by 202 percent to US$264 million from US$87,5 million in the same period last year, according to the national trade promotion and development body, ZimTrade.
Zimbabwe’s exports into the region also registered notable growth.
The value of exports to Mozambique saw a 123,7 percent jump to US$98,5 million while Zambia recorded a 60,4 percent growth in shipments from Zimbabwe to US$22,6 million.
The latest data from ZimStat also showed a remarkable increase in exports to Indonesia, which grew by 211 percent to US$21,7 million from about US$7 million in 2022.
Exports to Vietnam increased by 430 percent to US$18,5 million from US$3,5 million in the corresponding period last year. Notably, the country also recorded substantial growth in exports to Hong Kong from US$86 000 in the previous year to US$23,8 million in the first two months of this year.
“Significant progress has been made by the country in rectifying the trade balance, which had been a factor impacting growth in previous years,” ZimStat said.
“During the same period, Zimbabwe’s exports have not only grown, but the country has made great strides in closing the trade balance, which had affected growth in the past years,” said ZimTrade in its April issue.
Value-added manufactured goods posted a notable surge in the period under review, with the export value rising 81 percent to US$80,5 million this year from US$44,45 million recorded between January and February 2023.
Sugar exports also grew significantly, driving the overall increase in exports. The export value of sugar shipments rose to US$22,3 million in 2024 from US$6,6 million in the same period in 2023.
Minerals and alloys exports maintained their stronghold as the leading exports from this country after growth of 6 percent.
Zimbabwe exported minerals and alloys increased from US$695 million in 2023 to US$739 million in 2024. Sustained growth in the export of minerals and alloys indicates their enduring significance in the country’s export basket, with gold and nickel mattes dominating the shipments.
“The minerals and alloys continue to dominate the country’s exports, with gold, and nickel mattes leading as the major exported products in the sector,” added ZimTrade.
According to Zimtrade Exports of manufactured tobacco saw a significant upturn, with export value rising to US15,4 million in 2024 from US$11 million representing a noteworthy 34 percent increase.
There was however a significant rise in the export of unprocessed tobacco, with a remarkable increase of 204 percent while the export value of unmanufactured tobacco spiked to US$346 million from US$113 million in 2023.
Online Reporter