Exports surge over 15 percent

Herald ReporterZIMBABWE’S export earnings rose by 15,6 percent in the first half of the year, underlining the country’s gradual integration into global trade and the payoff from a deliberate export-promotion drive.According to latest Zimbabwe National Statistics Agency (ZimStat) data, exports increased to US$3,86 billion in the first-half of this year from US$3,34 billion in the corresponding period of 2024.Processed and value-added products led the way, with earnings from manufactured goods rising 18 percent, buoyed by sectors ranging from tobacco to construction materials and packaging.National trade promotion body ZimTrade chief executive officer Mr Allan Majuru said Government’s multi-layered approach to enhancing trade is paying off.“Zimbabwe’s export performance is the result of deliberate policies aimed at promoting international trade and increasing the competitiveness of local products.“The Government has continued to implement structural reforms focused on industrial retooling, cost competitiveness and export market diversification,” said Mr Majuru.He added: “These efforts are aimed at easing the cost of doing business, streamlining regulatory processes and positioning Zimbabwean products competitively in regional and international markets.“The economic diplomacy agenda, implemented by the Ministry of Foreign Affairs and International Trade, has provided consistent support for improving the business environment and trade facilitation services.”The country’s improved exports have narrowed the trade deficit by 16 percent to US$1,03 billion.With average monthly exports topping US$640 million, Zimbabwe is on track to surpass its US$8,1 billion annual target, potentially reaching US$8,29 billion by year-end, ZimTrade has projected.Historically, exports strengthen in the second half of the year, helped by higher agricultural output and increased mineral shipments.Behind the numbers is a concerted policy push to grow exports.The economic diplomacy agenda, championed by President Mnangagwa, has focused on unlocking new markets, while ZimTrade has expanded outward trade missions and exhibition participation in countries such as Germany, Mozambique and the Democratic Republic of Congo.The big winners in the first half were construction materials and metals, with the latter likely driven by output from the US$1,5 billion Dinson Iron and Steel Plant.Exports of semi-finished iron and steel surged 264 percent, from US$12,9 million to US$46,9 million, driven by regional infrastructure demand.Manufactured tobacco shipments climbed 30,6 percent to US$56,4 million, consistent with the Government’s plan to shift the sector toward higher-value processing.Hides and skins also rose 51,8 percent to US$17,1 million, supported by investments in cold chain facilities and improved livestock management.Minerals remain the backbone of the country’s trade, with exports of gold and other alloys rising 21,8 percent to US$3,13 billion.Gold alone nearly doubled to US$1,82 billion, helped by a 30 percent jump in global prices.Not all sectors fared well, however, as processed food exports fell 24 percent, weighed down by lower sugar volumes.The geography of trade is also shifting. The United Arab Emirates continues to emerge as Zimbabwe’s top export market, absorbing US$1,85 billion — nearly half of total exports — mainly in gold.Exports to the Netherlands rose 47 percent on the back of horticultural and processed goods, while shipments to South Africa and China slipped by 11,8 percent and 14,7 percent respectively.Just last week, Cabinet approved the new Foreign Relations and International Trade Policy, which is expected to further enhance the country’s economic diplomacy.Share on FacebookPost on XFollow usSave

Originally published on Zimbabwe Herald

Source: Zimbabwe Herald