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Wednesday, May 29, 2024

2023 exports surpass targets

Story by Stanley James, Business Editor

ZIMBABWE surpassed its export targets for the year 2023 after realising more than US$7,6 billion in receipts for goods and services sold outside the country.

Zimbabwe had set a target of US$7.2 billion, but figures released by the Zimbabwe National Statistics Agency (ZIMSTAT) show a growth of over 15 percent in exports.

Tobacco, gold, platinum, lithium, flowers, tourism, horticulture, services, and agro-processing sectors are dominating exports.

While ZIMSTAT notes strides in exports, it is, however, the soaring import bill that is also emerging as a source of concern in consolidating foreign currency inflows.

ZimTrade Director for Operations Mr Similo Nkala attributes the growth in exports to government interventions in creating a favourable operating climate for exporters.

“The country has recorded exports of goods and services at a total value of US$7.6 billion, manufactured goods accounted for the bulk of the receipts with the services sectors also following suit, however it is imperative to note that the trend represents measures being put in place to continue with the export growth drive coupled by several interventions to prop up production while enhancing the value of goods and services so this is a true testimony of combined efforts by the government and private sector in stimulating economic activities,” he said.

Zimbabwe is therefore focusing on reducing the import bill to consolidate export gains.

“Fuel, machinery, and raw materials are also dominating the imports with industrialists calling for workable policies to ease the huge import bill and accelerate exports, but it is imperative to note that this represents an increased appetite for production that will boost exports,” he added.

Exports have been cited in the National Development Strategy One as vital towards increased foreign currency generation and economic growth.

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