…as surging exports and growth mark a bright future
Staff Reporter
The country’s industrial sector has witnessed a remarkable growth, marking a strong rebound since the challenges posed by the Covid-19 pandemic.
During a presentation by the Zimbabwe National Statistics Agency (ZimStats), of the Monthly Prices Statistics Virtual Dissemination on Trade Statistics, Crown Chirongwe, a seasoned ZimStats Officer, shared insights into Zimbabwe's thriving industrial sector.
Chirongwe unveiled key statistics from external trade data, indicating significant growth within the industrial sector due to its imports that suggest retooling as the Government sets on capacitating the industry as it gears the country for an Upper Middle Income Economy/Society by 2030.
“”Mineral fuels and mineral oil products, machinery and mechanical appliances were among the top 10 products imported in December 2023, accounting for 21.3% and 10.3% of the good imported respectively,” said Chirongwe.
Indications are that the industrial sector has played a pivotal role in the economic resurgence of Zimbabwe.
"The industry supplies comprised an impressive 93.1% of the goods exported in December 2023, marking the highest percentage among the exports during that period.
“The export portfolio showcased the dominance of two key commodities – partly/wholly stemmed/stripped tobacco and semi-manufactured gold. Tobacco contributed significantly, accounting for 17.9% of the total exports, while semi-manufactured gold took the lead with a substantial 28.8%,” Chirongwe stated
In an interview with this publication, Psychology Mazivisa applauded this positive trajectory emphasizing the uplift of Zimbabwe's industrial sector after the slowdown due to sanctions and the Covid-19 pandemic.
He attributed the sector's recovery to the increased availability of electricity, which has driven production and efficiency.
"The growth of the manufacturing sector is undoubtedly positive, but we cannot ignore the challenges posed by global and domestic shocks. These factors impact the competitiveness of local products in both domestic and export markets," Mazivisa noted.
This acknowledgment underscores the need for strategic measures to navigate through the complexities of the international economic landscape.
Mazivisa also expressed optimism about the resilience of Zimbabwe's industrial sector, despite the challenges. "The path ahead is promising, and with strategic policies in place, there is going to be a visible continued growth and competitiveness of our industrial landscape," he affirmed.
Meanwhile, the New Zimbabwe Industrial Development Policy, slated for implementation between 2024 and 2030, is set to succeed a five-year national industrial development policy that has been in effect since 2018. The policy's core principles indicate that it would be underpinned by productivity improvement, transformation, and competitiveness.
