Story by Stanley James, Business Editor
OVER 70 % of Zimbabwe’s exports are dominated by gold, nickel and tobacco, amid calls for beneficiation and value addition to further spur earnings.
The Zimbabwe National Statistics Agency (ZIMSTAT) reveals that the nation achieved its first trade surplus in 20 months, with expectations centred on maintaining the growth trajectory.
In an interview with ZBC News on the sidelines of the COMESA Business Journalists workshop in Nairobi, Kenya, the agency’s Director General, Mrs Tafadzwa Bandama, noted that a shift to processed or finished goods will boost the value of earnings.
“A major economic milestone was recorded when Zimbabwe realised an over US$7.2 million trade surplus in August this year, This is the first in nearly two years as exports increased to more than US$78 million, semi processed gold was the major contributor of export earnings at over 52 %, nickel mattes 14 % and tobacco over eight percent, however the need to value add the commodities is important in boosting the overall earnings,” she said.
The agency, which collects data for government and private sector policy decision makers, also revealed the impact of increased export receipts on key macroeconomic indicators.
“Export growth can only be sustained through value addition or processed goods because currently the nation is mainly exporting primary products; however, with the bullish global gold prices, the nation is likely to witness increased export earnings, and also the interventions to implement value addition and beneficiation will positively impact the export growth trajectory,” Mrs Bandama said.
Zimbabwe is also expected to derive export opportunities in the Common Market for Eastern and Southern Africa (COMESA) region.
