Zimbabwe Records Its Highest Ever Recorded Export Figure

322 0

Zimbabwe, last year recorded its highest ever recorded export figure at US$6.03 billion.

This US$ 6 billion dollar mark is a 37.3% increase compared to US$4.39 billion recorded in 2020.

An organization working with exporters, ZimTrade, credits the successes of the National Development Strategy for the jump in exports.

ZimTrade also says the growth in exports follows the re-engagement drive undertaken by President Emmerson Mnangagwa.

Big export movers, in Zimbabwe 2021, include the cotton to clothing value-chain which increased from US$43.9 million to US$102.2 million representing a 132 percent increase.

The arts and craft sector increased by 56.6% to US$8 million, from US$5.2 million recorded in 2020.

Building and construction exports increased by 31.7% to US$43.8 million from US$33.2 million in 2020.

Horticulture recorded a 6.8% jump to US$63.6 million from US$59.5 million recorded in 2020.

Products such as processed food, aquaculture; and hides and skins exports however declined in 2021.

The processed food exports however recorded a 48% decline to US$59.1 million from US$115.5 million received the previous year.

Aquaculture exports also declined by 76% to US$0.7 million from US$3 million.

Hides and Skins exports marginally decreased by 2.7 percent US$28.7 million from US$29.6 million.

Zimbabwe’s trade deficit also went up by 33.3% to US$1.54 billion from US$5.68 million in 2020, with the US$7.57 billion import bill widening the gap.

ZimTrade says such developments are encouraging to note since the bulk of imports were raw materials and capital equipment being channeled into the local manufacturing sector to boost production.

Leave a Reply