The Sunday News
Judith Phiri, Business Reporter
THE country’s trade development and promotion agency, ZimTrade has said efforts to diversify the country’s export markets continue to pay off, with new markets gaining significant share of Zimbabwe’s exports, while exports continue to grow.
Zimbabwe’s exports recorded an 8.1 percent growth in the first nine months of this year, compared to the same period last year.
Statistics released by ZimStat shows that the country’s exports stood at US$5,16 billion between January to September this year, up from US$4,78 billion recorded during the same period last year.
In its latest newsletter, ZimTrade said in terms of the major drivers, exports of manufactured or valued added products increased by 22 percent, from US$264,9 million in 2022, to US$324,1 million this year.
“Statistics shows that manufactured tobacco exports increased from US$46 million last year, to US$73 million in 2023, representing a 60 percent growth. Further to this, exports of processed foods grew by 39 percent, thanks to the growing demand for Zimbabwe-produced products in the region and beyond,” said the agency.
“Exports of processed foods grew to US$85,2 million, from US$61,2 million last year. Major exported products in the sector were sugar, beer made from malt, and fruit juices. Projections are that exports from the sector will continue to grow following increased linkages between local manufacturers and buyers in the region, facilitated by ZimTrade in the recent months.”
It said during these programmes, local companies concluded lucrative deals, which will boost export volumes when supply commences.
While, the household electricals and furniture sector also recorded an increase, from US$15,2 million in 2022 to US$18,5 million in 2023, translating to 21 percent growth.
ZimTrade added: “Major exported products were table, kitchen or household articles and parts thereof of iron or steel, articles for the of goods, of plastics, and refrigerators and freezers. In addition, export growth was also recorded in the hides and skins sector, which saw a 42 percent growth, from US$13.6 million in 2022, to US$19,4 million this year.”
The country’s trade development and promotion agency said other sectors that recorded export growth were packaging and stationery, arts and crafts, and chemicals, among others.
It said exports to South African market, which is the largest export destination market for Zimbabwean products, decreased by 10.4 percent to US$1,76 billion from US$1,97 billion in 2022.
“South Africa now accounts for 34 percent in total exports from 41 percent in 2022. Exports to China increased from US$473 million last year, to US$693 million during the period under review this year. Exports to Mozambique also recorded 85 percent increase from US$150 million in 2022 to US$278 million in 2023. There has also been a huge jump in export to Canada, which recorded exports of 42 million during the period under review this year, from US$5.6 million last year,” added ZimTrade.
Meanwhile, imports increased by 5,4 percent to US$6.67 billion, from US$6.32 billion in 2022.
“Consequently, the trade deficit for the period under review stood at US$1,51 billion which is a decrease when compared to a deficit of US$1,55 billion recorded during the same period in 2022,” said the agency.
