eBusiness Weekly
BH24 Reporter
HARARE – Zimbabwe’s total trade last year topped $8, 4 billion, up 16 percent from $7, 2 billion in the previous year. The availed figures are however yet to reflect the figures for December, so the numbers are expected to be higher.
The country’s main exports are tobacco (accounting for 23 percent of total exports) and nickel (20 percent).
Other products include diamonds, platinum, ferrochrome, and gold. Zimbabwe main export partners are: South Africa, China, Congo and Botswana.
ZimTrade market analyst Hopewell Musundire said there was an increase in exports of raw products.
This is notwithstanding the country’s drive to boost beneficiation and value addition.
“Comparing with same period 2016, Zimbabwe has increased exports in products like unmanufactured tobacco, unprocessed gold, nickel ores, diamonds and ferro chromium, among other products,” he said.
According to the statistics provided by ZimTrade, during the period under review (January – November 2017), the country’s total exports amounted to $3, 5 billion, reflecting a 36, 8 percent increase from $2, 5 billion recorded in 2016.
Exports in Zimbabwe averaged $543, 6 million from 1993 until 2017, reaching an all-time high of $2, 4 billion in December of 1996 and a record low of $143, 8 million in October of 2011, according to data from global economic indicators.
On the other side of the coin, imports increased by 5 percent from $4, 7 billion in 2016 to $5 billion in 2017.
Resultantly, Zimbabwe’s trade deficit decreased by 32, 2 percent from $2, 2 billion in 2016 to $1, 5 billion in the period under review.
For 2017, the country’s exports were dominated by primary commodities such as unprocessed gold, unmanufactured tobacco, raw minerals (diamonds, nickel, chromium, platinum, granite) and raw agricultural products.
On the other hand, imports are largely made up of consumer goods which are diesel, petrol, electrical energy, maize, rice and wheat.
Source: ZimStat Neighboring South Africa has remained the largest market for Zimbabwean products, absorbing 63 percent of total exports, followed by Mozambique with an 11 percent market share, United Arab Emirates (6 percent), Zambia (2 percent), Belgium (2 percent) and Botswana (1 percent), among others.
On the other hand, major source markets over the same period were South Africa, accounting for 40 percent, Singapore (22 percent), China (9 percent), Zambia (3 percent), Japan (2 percent) and Mozambique (2 percent), among others.
