Zim’s export growth on the rise thanks to global c...

Zim’s export growth on the rise thanks to global commodity prices

Zim Now Writer

Zimbabwe’s export growth trajectory is on course, propelled by increased production and firming global commodity prices.

This is according to data from the country’s export development institution, ZimTrade.

The statistics indicate that, of the over US$7 billion in foreign currency inflows for 2021, exports contributed 66%.

The data also shows that out of the historic record-breaking foreign currency inflows of more than US$11 billion for 2022, exports accounted for over US$7 billion.

While the central bank data reflects that exports have since January raked in more than US$6 billion, industrialists who attended the ZimTrade Exporters Conference in Harare this Thursday are confident of sustained growth.

“There is that sense of optimism in terms of overall export growth. The general issue is on what can be done to sustain the growth including relevant mechanisms to sustain it taking into account the fact that this trajectory is coming when the economy is also experiencing growth. So, from my point of view, the future aspect of export looks bright," said Mantis Coffee (Pvt) Limited director, Alfred Magara.

The managing director of Divine Pro Care, Providence Moyo said: “It also depends on the environment that we are operating taking into account local and global shocks that need to be mitigated to consolidate the current gains and find a real mechanism that will set the tone for increased exports, enabling the county to generate more foreign currency.”

“Exports play a pivotal role in socio-economic development such that we are seeing the broadening of markets by industries, especially the citrus sector. Furthermore, it is the ability of the government to help us in tapping more markets that is proving to be a game changer. In the future, Zimbabwe stands to benefit further from the export growth,” said Brown Engineering Group financial director, Andrew Bradnick.

The central bank data also shows that Zimbabwe generates over 70% of export receipts from citrus commodities, horticulture produce, gold, tobacco, platinum, nickel, manufactured goods and tourism, among others.