adminUS$2 billion) last year, a report by the Ministry of Economic Planning and Investment Promotion shows.
Last year, the country exported goods worth R1,3 billion to South Africa, while importing R15,1 billion worth of goods from the southern neighbour. Zimbabwe in 2007 imported R1,9 billion worth of goods from South
Africa, and the deficit between the two trade partners has widened to date to around R13,6 billion.
This factor has been accentuated by the fact that Zimbabwe’s exports to SA have largely declined over the last few years.
Official statistics show that South Africa, which used to account for 22 percent of Zimbabwe’s exports in 2005, declined to 14 percent by the end of last year. On the other hand, the SA market is the Zimbabwean industry’s main supplier of most key requirements from retail products, raw materials and loans.
Meanwhile, Zambia continues to top Zimbabwe’s export destinations in the Southern African Development Community region at around 30 percent of the country’s overall export volumes. The data also show that South Africa is currently in fourth position (down from second) in terms of Zimbabwe’s export destinations in the Sadc region.
Mozambique is emerging as a preferred export destination, with Zimbabwe’s export share in that market rising from five percent in 2009 to 11 percent this year.
Zimbabwe’s export trends have remained constant over the last five years and a recent Confederation of Zimbabwe Industries survey notes that as a ratio to the Gross Domestic Product, the share of exports has, however, increased from 30 percent of GDP in 2005 to 33 percent of GDP last year.
However, of late, China has become a more important trade partner but its market share is still modest, with 4 percent of imports and 3,4 percent of exports.
Online Reporter