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Wednesday, July 24, 2024

Minerals and agric products dominate exports

Story by Stanley James, Business Editor

ZIMBABWE exported goods worth over UD$540 million in January this year driven by mining and agro-based commodities.

Information contained in a latest External Trade Statistics January 2024 Report indicates that the country imported goods worth over US$690 million.

The trend resulted in a trade deficit of over US$150 million which was 43 percent narrower than the December’s gap at over US$260 million.

Zimbabwe’s main export commodities were dominated by tobacco at 24,5 percent followed by gold, nickel ore, ferrochrome, sugar, industrial exports, among others.

Imports for January this year were dominated by machinery and raw materials, cereals, vehicles, fertlizers, pharmaceutical products, iron and steel, plastic, among others.

Central Bank Deputy Governor, Dr Innocent Matshe says Zimbabwe remains on course to achieve an over US$7 billion target for merchandise export receipts by year end.

“There are huge prospects that the trend will continue, taking into account interventions being put in pace to boost productivity so the January figure rreflecs a positive start to the overall export growth trajectory. As the central bank, we shall continue to work with relevant stakeholders on modalities to ensure that Zimbabwe realises full value of export receipts while focusing on the need to consolidate current gains which bear testimony of industry’s commitment to further grow its external markets and take advantage of protocols aimed at boosting regional and global trade.”

Among Zimbabwe’s major export destinations in January 2024 were South Africa, United Arab Emirates and China.

The three economies accounted for over 71 percent of the total export values.

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