- The export earnings advanced by 11.9% for the month of September
- The nation's trade deficit recorded a decrease of 20% for the month of September 2022
- The 2022 exports have soared to US$3,6 billion marking 32.5% increase
Zimbabwe's merchandise exports continue to narrow down the undying trade deficit with the latest skyrocket of 11.9% recorded during month of September . That has seen off the nation's trade deficit by 20% from 265.4 million recorded in August. The 2022 half-year trade deficit recorded a 32.5% nosedive propelled by a US$3,5 billion export increase as compared to US$2,6 billion in the corresponding period in 2021.
According to the finance minister, in his 2023 National Budget Presentation, Professor Mthuli Ncube said the mining, agriculture and manufacturing sector has contributed heavily to higher export earnings with the mining sector contributing up to 34.3% in semi-manufactured gold.
"Merchandise exports grew by 32,5 per cent to US$3,5 billion during the first half of 2022, compared to US$2,6 billion in the corresponding period in 2021, largely on account of increases in minerals, agriculture and manufactured exports," he said in his presentation
The mining sector has more potential to transform the economy middle income if value addition is employed. Zimbabwe's gold deliveries up to October were 29.46 tones, according to gold buyer Fidelity. This is 34% more than the 22 tones delivered over the same period in 2021. This is many export earnings if a value addition mechanism is to be implored for the minerals.
The agricultural sector has also played a focal role in skyrocketing exports with cotton export earnings growing by 10% by the month end of September 2022. According to the 2022 national budget, the government is determined to see through the sector's changing levels as it has brought more than 10 programs with the likes of the popular pfumvudza (presidential inputs), Zunde raMambo/iSiphala seNkosi Programme Input Packages, and the Presidential Rural Horticulture Development Programme.
The manufacturing sector has had operational challenges because of the presiding macroeconomic environment hence the total contribution by the sector was 10%. The Q2-Q3 period of 2022 has seen companies recording declines in volumes as a result of increased market volatility. It, however, remains a focal point for the narrowing down of the deficit figures in the country
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