Zim exports into Comesa to rise to US$4.1bn
HARARE – Zimbabwe has po tential to contribute US$4.1 billion annually to the total value of trade within the Com mon Market for Eastern and Southern Africa (Comesa) through exports into the re gional trade block if a host of bottlenecks facing the region are addressed.
Already, Zimbabwe is among the seven Comesa member States accounting for 83.9 per cent of the total trade within the trade bloc.
In a latest report, Comesa, which comprises 21 member States that include Rwanda, Burundi, Djibouti, and Eswati ni said: “Seven member states account for about 83.9 per cent of the total intra-Comesa trade.
Egypt has the highest trade potential, which could in crease intra-Comesa trade by US$26.3 billion followed by Libya, US$16.6 billion, Tunisia US$15.7 billion and Zimbabwe US$4.1 billion.”
In 2018, Zimbabwe imported and exported goods from and to the rest of Africa to the value of US$3.1 billion and US$2.6 billion, respectively, signifying the huge potential the country possesses to grow the value of its trade with Comesa.
The Democratic Republic of Congo has the potential to contribute US$12.2 billion, Zambia US$5.8 billion and Kenya US$4.2 billion, the re port says.
Comesa said 11 of Zimba bwe’s export products with the highest trade potential includ ed tar distilled from coal, fruits of the genus capsicum, avoca dos, glass products, and tung sten ores and concentrates.
Zimbabwe’s trade develop ment and promotion agency, ZimTrade, expects the coun try’s total exports this year will breach the 10 percent yearly growth target enunciated in the National Export Strategy on the back of the country’s successful participation at the Expo 2020 Dubai.
The expo, which began in October last year ended on March 31, 2022 and Zimbabwe alongside 191 countries, par ticipated at the multi-sectoral fair.
The Second Republic has, among others, prioritised the growth and development of an export-led economy as Zimba bwe moves towards attaining an upper middle income soci ety by 2030.