by Tafanana Kwedu
Zimbabwe’s economy recorded an increase in exports as official figures in Zimbabwe’s Annual Budget and Economic Review 2019 report revealed.
The increase in exports was buoyed by various interventions put in place by Government to increase capacity utilisation in the manufacturing sector.
According to Zimbabwe’s Annual Budget and Economic Review 2019 report, the country’s exports increased by 13,2 percent.
‘In terms of exports, the country recorded a 13.2% increase in manufactured exports, from US$720.9 million in 2018 to US$816.2 million in 2019,’ reads part of the report.
The report noted that the increase in capacity utilisation was recorded mostly in non-food sectors.
“There were positive strides in capacity utilization in the sub-sectors of metallic products (14%), chemical and petroleum products (2.8%), transport and equipment (3%),” the report noted.
The report further revealed that the increase in exports could be credited to important policies and interventions made by government.
“Significant developments were witnessed on the policy side with the enactment of the Zimbabwe National Industrial Development Policy together with the Local Content Strategy which sought to promote investment-led and innovation-led industrialization.
“Furthermore, following the ratification of the African Continental Free Trade Area Government also crafted the African Continental Free Trade Area Strategy, which seeks to take advantage of regional and continent-wide opportunities created by the emergence of the vast African market,’ the report revealed.
The report further revealed that Parliament also passed the Zimbabwe Investment Development Agency Act which will create a one-stop shop for the entry and facilitation of all investment projects in Zimbabwe.
The country’s exports include nickel, precious metals, tobacco, iron, steel, sugar, salt, fruits, sulphur and cement.
South Africa, United Arab Emirates, Mozambique, Belgium, Zambia, Botswana, Kenya, Eswatini, Namibia, Hong Kong, Malawi and China are some of the export destinations for Zimbabwe’s products.
