EXPORTS increased by 8,7% during the first five months of the year on the back of strong foreign demand for processed foods and agricultural products, trade promotion agency ZimTrade data has revealed.
ZimTrade attributed the growth in exports to several strategies employed by the government and other stakeholders.
“The recent figures show that external trade went up by 8,7% between January and May this year, compared to the same period last year. Statistics recently show that exports grew to US$2, 82 billion, from US$2, 59 billion recorded during the review period last year.
“This growth is on the back of President E. D Mnangagwa’s successful campaign to position Zimbabwe as a key player in the regional and global supply chains. Concerted efforts by the Ministry of Foreign Affairs and International Trade, together with key organizations like ZimTrade have been unlocking new economic opportunities from the nation’s stellar diplomatic relations,” the agency said.
The stats show that imports grew by a mere 0,8% from US$3,56 billion in 2023 to US$3,59 billion this year.
For the period under review, the trade deficit stood at US$733 million, a massive 20 percent drop from the US$972 million recorded during the same period in 2023.
During the period, the processed foods sector saw a strong increase of 34 percent, reaching US$48,9 million, driven by notable exports such as sugar, fruit juices, and roasted cereals. Agricultural inputs and implements exports surged by 64% to US$12,4 million, with significant contributions from maize seeds, sowing seeds, and liquid pumps.
“This growth indicates a strong demand for agricultural support products, potentially driven by expanding agricultural activities or increased investment in farming infrastructure.
Horticulture exports grew marginally by 3.5 percent to US$18,7 million, with key products including tea, macadamia nuts, fresh flowers, and citrus,” added ZimTrade.