Zim’s exports on an upward trajectory
ZIMBABWE’s exports have continued growing since the beginning of the year despite global economic uncertainties.
DATA released by the Zimbabwe National Statistics Agency shows that the country’s exports grew by 37 percent to US$1,18 billion between January and February this year, up from US$864,8 million in the same period last year.
This remarkable feat not only reflects the resilience of Zimbabwe’s economy but also underscores President Mnangagwa’s continued drive to achieve economic development and prosperity.
The country has also made great strides in narrowing the trade deficit.
While imports increased by 12 percent to US$1,41 billion, from US$1,26 billion in 2023, the trade deficit for the period under review stood at US$234 million, compared to US$392 million in 2023.The export performance of value-added products, which grew by 81 percent from US$44,45 million between January and February 2023 to US$80,5 million in the first two months of 2024, is worth celebrating.
In addition, efforts to diversify export markets continue to bear fruit, as the country is cutting down on its over-reliance on South Africa, with exports to the market dropping by 6,6 percent to US$347,76 million.
During the same period, exports to the United Arab Emirates (UAE) increased by 17 percent to US$280 million.
Exports to the UAE are picking up after declining by 10 percent in the January-December period last year.
Projections are that they will close the year on a positive note.
Exports to China have also increased by 202 percent to US$264 million in 2024, up from US$87,5 million last year.
In the region, there was an impressive growth in exports to Mozambique (123,7 percent to US$98,5 million) and Zambia (60,4 percent to US$22,6 million).
This year, ZimTrade, the national trade development and promotion agency, is scheduled to double down on export promotion programmes in these two markets in order to deepen linkages and ensure sustained export growth. With regard to Mozambique, ZimTrade is organising an outward seller mission to Tete province from June18 to 20, as well as the second appearance of Zimbabwe at this year’s edition of the Mozambique International Trade Fair.
ZimTrade is also facilitating participation by local companies at the Agritech Expo Zambia, which is scheduled for April 18-20, as well as the Zambia Agricultural and Commercial Show slated for July 31-August 5. The country has also seen growth of exports to Indonesia and Vietnam.
For Indonesia, exports grew from about US$7 million last year to US$21,7 million this year for the January to February period.
Export volumes to Vietnam increased from US$3,5 million in 2023 to US$18,5 million this year. Shipments to Hong Kong increased from last year’s US$86 000 to US$23,8 million this year.
Movers
Processed food exports increased by over 270 percent to US$32,1 million in 2024, up from US$8,6 million in 2023. Major contributors were sugar exports, which rose from US$6,6 million to US$22,3 million. Manufactured tobacco exports increased from US$11 million to US$15,4 million, representing a 34 percent jump. Exports of agricultural inputs and implements increased by 50 percent from US$3,6 million to US$5,5 million in the review period, with major exported products in the sector being sorghum seed, maize seed and irrigation equipment, among others.
Exports from this sector are likely to be strained this year, as the effects of the El Niño-induced drought affect production in the Southern African Development Community. Most exports in the sector are destined for this region. The arts and crafts sector recorded 33 percent growth to US$1,6 million in 2024, from US$1,2 million in 2023.
Major exported products from the sector were collections and collector’s pieces of zoological and original sculptures. Additionally, shipment of livestock and animal products increased by 164 percent, up from US$593 000 in 2023 to US$1,57 million in 2024.
Major exported products in this category included bird eggs (in shell, fresh, preserved or cooked), live poultry and live fish. Exports of hides and skins rose by 35 percent to US$1,29 million, driven by leather exports, which jumped to US$679 000 in 2024 from US$243 000 in 2023.
In addition, pharmaceutical exports increased by 155 percent from US$585 000 in 2023 to US$1,5 million in 2024.
Major exported products in 2024 were medicaments of mixed or unmixed products for retail.
Minerals and alloys continue to dominate the country’s exports, recording a 6 percent growth from US$695 million in 2023 to US$739 million in 2024.
Major exported products from the sector were gold and nickel mattes.
The sector is currently being affected by depressed international prices of platinum group of metals and lithium.
Unmanufactured tobacco exports increased from US$113 million in 2023 to US$346 million in 2024, translating to a 204 percent gain.
The 2023/2024 tobacco selling season commenced on March 13, 2024.
Shakers
Exports of building materials dropped by 10 percent to US$4,28 million in 2024, from US$4,78 million during the same period in 2023. Products that registered a slowdown include wooden poles, ceramic tiles and cement. Exports of household furniture and electrical appliances also fell from US$3,1 million in 2023 to US$1,7 million in 2024.
Likewise, exports of chemicals amounted to US$265 000 in 2024, down from US$914 000 in 2023, translating to a 70 percent decline for the two months under review.