Zimbabwe’s export sector has witnessed a remarkable surge, with a 37 percent increase recorded in the first two months of this year compared to the same period last year. According to data provided by the national trade promotion and development body, ZimTrade, exports soared to US$1.18 billion, attributed largely to a substantial rise in shipments to China.
Shipments from Zimbabwe totaled US$864.8 million in the initial months of 2023, marking a significant leap in the country’s export performance.
Harare’s exports to China, the world’s second-largest economy, saw an impressive increase of 202 percent, reaching US$264 million compared to US$87.5 million during the corresponding period last year.
Zimbabwe’s exports to neighboring countries also witnessed notable growth, with exports to Mozambique increasing by 123.7 percent to US$98.5 million and to Zambia by 60.4 percent to US$22.6 million.
Furthermore, there has been a substantial expansion in exports to other global destinations. Exports to Indonesia grew by 211 percent to US$21.7 million, while shipments to Vietnam increased by 430 percent to US$18.5 million. Notably, exports to Hong Kong surged from US$86,000 in the previous year to US$23.8 million in the first two months of 2024.
ZimStat data revealed a commendable increase in the export of value-added manufactured goods, which rose by 81 percent to US$80.5 million. Sugar exports also experienced significant growth, reaching US$22.3 million in 2024 from US$6.6 million in the same period in 2023.
The minerals and alloys sector maintained its dominance in Zimbabwe’s export basket, with exports increasing by 6 percent from US$695 million in 2023 to US$739 million in 2024. Gold and nickel mattes remained the primary exported products in this sector.
Additionally, there was a notable upturn in the export of manufactured tobacco, with export values rising to US$15.4 million in 2024 from US$11 million, representing a 34 percent increase. However, there was also 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.
Zimbabwe’s strides in rectifying the trade balance have been hailed as significant progress by both ZimStat and ZimTrade. These developments indicate a promising outlook for the country’s export sector, fostering economic growth and stability.
Source: Sunday Mail
