Story by Stanley James, Business Editor
The country’s trade promotion agency, ZimTrade, says local exporting industries are showing resilience against internal and global shocks, with earnings set to reach over US$7 billion by December.
A Zimbabwe Trade Outlook Report by ZimTrade shows that exporting industries have since January faced challenges such as the climate change induced drought and fluctuating global commodity prices.
The trend has resulted in Zimbabwe incurring a 0,4 percent decrease in export receipts at US$5,14 billion dollars in the first nine months from US$5,16 billion dollars during the same period last year.
Despite the challenges, the national trade promotion body is upbeat about an over the US$7 billion target, riding on unmanufactured tobacco exports, horticulture commodities, agricultural inputs and implements.
ZimTrade states that livestock and livestock products, including pharmaceutical exports will also drive growth in exports this year.
However, minerals and alloys exports despite dominating overall earnings are projected to register a marginal decline due to the effects of depressed global prices mainly for the platinum mining industry.
Other sectors whose exports are expected to be subdued by the end of the year end include the clothing, textile and footwear, building and construction, household, electrical and furniture and leather units.
Zimbabwe’s top three export market destinations include South Africa, United Arab Emirates and China.
Government’s private sector-led economy agenda, has also resulted in more companies importing machinery and equipment.
Other imports into the country include raw materials, fuel and electricity, motor vehicles and parts.
