Online Reporter
Judith Phiri, Zimpapers Business Hub
THE country’s export earnings increased by 13,6 percent in April to US$662.6 million from US$583.1 million recorded in March, according to the Zimbabwe National Statistics Agency (ZimStat).
In terms of imports for April, they amounted to US$781.3 million, a decrease of 4.5 percent from US$818.3 million recorded in March, while this translated to a trade deficit for goods of US$118.7 million compared to US$235.2 million recorded in March, translating to a 49.5 percent decrease.
Economic experts have said that a trade deficit, where imports exceed exports, can sometimes be a sign of a healthy, growing economy, while a decrease in the trade deficit can be seen as a positive step for several reasons, indicating a country’s increased competitiveness and potentially stronger economic growth.
Presenting the external trade statistics, ZimStat Manager for Service Statistics, Ms Mabel Chimhore said industrial supplies accounted for the major percentage of the goods exported in April.
She said: “Of the total value of exported goods of US$662.6 million, industrial supplies comprised 92.8 percent of the goods exported in April, fuels and lubricants 3.1 percent, consumer goods 2.1 percent, food and beverages 1.5 percent, while capital goods (except transport equipment) and transport equipment 0.2 percent each.”
Ms Chimhore said the major exports were semi-manufactured gold followed by nickel mattes and tobacco, partly or wholly stemmed/stripped among others.
She said the country’s major export destinations in April were the United Arab Emirates (49.8 percent), South Africa (24.0 percent) and China (15.9 percent).
“The three countries accounted for around 90 percent of the total export value of US$662.6 million.”
Zimbabwe’s exports have continued rising positioning the country as a key source of quality products in Africa and beyond.
This growth is largely attributed to President Mnangagwa’s economic diplomacy agenda, spearheaded by the Ministry of Foreign Affairs and International Trade, which aims to enhance Zimbabwe’s competitiveness on the global stage and boost trade.
President Mnangagwa has consistently emphasised Zimbabwe’s untapped export potential, urging businesses to explore opportunities in sectors like agriculture, manufacturing, construction, engineering and services.
Bongani Ndlovu