Zimbabwe’s export earnings increased by 42 percent during the first five months of the year to exceed US$4 billion, up from about US$3 billion recorded during the same period last year, highlighting the country’s strengthening trade performance and growing contribution of exports to economic growth.
According to the latest Zimbabwe Trade Outlook Report, the impressive growth was driven by strong performances in the mining sector, tobacco exports and value-added products, reflecting the success of Government efforts to diversify exports and promote value addition.
Deputy Minister of Finance, Economic Development and Investment Promotion, David Mnangagwa, said the continued growth in exports was strengthening macroeconomic stability by increasing foreign currency inflows, creating employment and stimulating wider economic activity.
“Exports play a pivotal role in overall macroeconomic development. Such growth means more foreign currency inflows, creating jobs and generating a multiplier effect in consolidating economic gains as we project growth of more than five percent by the end of this year,” he said.
United Nations Development Programme (UNDP) Resident Representative, Dr Ayodele Odusola, said the sustained growth demonstrates Government’s commitment to making exports a central pillar of the economy.
“This trajectory reflects commitment by the Government of Zimbabwe in ensuring that exports are a critical component of the economy. It is within such guidelines where the nation stands to benefit, considering the notion that most of the exported goods are in the resource industry,” he said.
The horticulture sector is also registering significant gains, with Zimbabwe opening a new export market for blueberries in China, a development expected to further boost foreign currency earnings.
Horticultural Development Council chief executive officer, Linda Nielsen confirmed that exports of blueberries to the Asian market had commenced, describing the development as a major milestone for the sector.
“I can confirm that we have started exporting blueberries to the Asian economic giant. This comes at a time when the nation needs such a market in terms of its competitive edge, and Zimbabwe stands to accrue more benefits as it explores strategic markets with the potential to unlock value for the development of the economy,” she said.
Zimbabwe expects export earnings to continue rising, supported by Government’s ban on the export of raw minerals to promote local beneficiation, China’s zero-tariff policy on Zimbabwean products and improving international commodity prices, which are expected to further enhance the country’s competitiveness on global markets.
