The Sunday Mail
Sunday Mail Correspondent
Zimbabwe’s export earnings are expected to breach US$7 billion this year – the highest in the country’s history – driven by aggressive export promotion and an assertive economic diplomacy drive.
Last year, Zimbabwe raked in US$6,03 billion, exceeding the target set in the National Development Strategy 1 economic blueprint owing to numerous export promotion initiatives.
Half-year export earnings stood at US$3,4 billion, compared to US$2,3 billion recorded during the same period last year, representing 47,3 percent growth.
This year’s export performance will lift the country into the top tier of major exporters in SADC, behind South Africa and Angola.
In an interview, ZimTrade chief executive officer Mr Allan Majuru said the country’s improved diplomatic relations were gradually translating into economic gains.
ZimTrade is the country’s export promotion agency.
“Through the economic diplomacy agenda being implemented by the Ministry of Foreign Affairs and International Trade, Government is pushing for our political relations with foreign nations to work towards improving our exports into those countries,” he said.
ZimTrade, said Mr Majuru, was on an offensive to increase the international visibility of locally produced products through export promotion events.
“ZimTrade has also taken local companies for trade promotion events in Zambia, the Democratic Republic of Congo, Dubai, United Kingdom and Italy.
“This year, buyers have also been invited to link up with local companies and appreciate the local manufacturing industry.
“All these efforts have a positive impact on the country’s exports,” he said.
To continue cutting the country’s import bill, he added, there was need to increase local production.
“There are products we are importing that can be sourced locally.
“Value chain development is also crucial in curbing huge imports.
“This means stakeholders within product value chains across all sectors should consider moving with speed to engage local suppliers of each activity node in their product value chain so that they develop capacities and accelerate the import-substitution drive to maximise their export revenue.”
He said it was encouraging that the bulk of imports consist of equipment and machinery, and raw materials.
Zim export earnings
2022 – US$7 billion (projected)
2021 – US$6,03 billion
2020 – US$4,34 billion
2019 – US$4,03 billion
2018 – US$4,56 billion
2017 – US$3,52 billion
2016 – US$2,92 billion
