Staff Reporter
Zimbabwe has recorded a notable surge in exports, marking a promising start to the year. According to a source privy to the information, the latest figures reveal a substantial 37% increase in exports, reaching US$1.18 billion between January and February 2024.
“Concurrently, imports rose by 12% to US$1.41 billion during the same period, resulting in a reduced trade deficit of US$234 million compared to US$392 million in 2023,” the source disclosed. Among the noteworthy highlights of the export boom, the source reviewed that Zimbabwe has experienced a remarkable increase in exports to various destinations.
“Exports to South Africa, although slightly decreased by 6.6%, remained significant, while exports to the United Arab Emirates (UAE) surged by 17%.
Notably, exports to China skyrocketed by an impressive 202%, totaling US$264 million in 2024. Additionally, exports to Mozambique and Zambia saw substantial growth rates of 123.7% and 60.4%, respectively,” added the source.
Furthermore the source added that in terms of specific export categories, several sectors witnessed substantial growth. Processed food exports surged by over 270%, reflecting a growing demand for Zimbabwean food products abroad.
“Sugar exports witnessed a significant increase, reaching US$22.3 million from US$6.6 million. Similarly, manufactured tobacco exports rose by 34%, agricultural inputs and implements by 50%, and livestock and animal products by an impressive 164%. The pharmaceuticals sector also experienced a notable surge, with exports increasing by 155%,”the source said.
Economists Elton Ziki and Musi Matimura have commended Zimbabwe’s export growth, emphasizing its positive impact on the economy. “If we continue on the trend of significant decrease in imports and corresponding increase in exports, then we’ll definitely be on the right track to economic boom,” stated Ziki.
Matimura added, “The surge in exports signifies a strengthening of Zimbabwe’s position in the global market, potentially leading to increased revenue streams and job creation.”
As Zimbabwe celebrates this export milestone, analysts anticipate further growth opportunities and a bolstered economy if the current trend persists.
