Exports dominate foreign currency receipts

By Stanley James Business Editor

ZIMBABWE recorded the highest ever foreign currency earnings of more than US$9,7 billion last year, spurred by growth in exports.               

Data from the central bank showed the rise in foreign currency earnings also reflects a more than 53 percent rise from last year’s earnings.   

Notably, the performance surpasses the previous record of US$7.6 billion recorded in 2013 as the Second Republic’s economic drive sends exports soaring. 

Exports are dominating the foreign currency earnings, followed by diaspora remittances and foreign direct investments, among others.        

It is the growth in exports that has also seen optimism on foreign exchange earnings.            

South African buyer Ovais Nasir said: “Zimbabwe has the potential for more exports as a buyer from South Africa, I am impressed with the quality of products and services within this country.”

“We just need that zeal to forge ahead and see what can be done to unlock further opportunities for the SMEs in terms of exports growth,” said Mr Boniface Makanga, an SME exporter.

Zimtrade Director of Operations Similo Nkala noted: “Zimtrade will continue to help the exporters so that they can tap into the relevant opportunities being brought as a result of the Second Republic’s economic reforms.”

The central bank has also attributed the rise in foreign currency earnings to increased global commodity prices, international remittances and gold incentives put in place by government.