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Zimbabwe exports are envisaged to rise to US$7 billion by the end of this year, Under the National Trade Policy.The target is likely to be surpassed as shipments grew to US$6 billion in the January-November period in 2022.
President Dr Emmerson Dambudzo Mnangagwa, While officially opening the ZimTrade Annual Exporters Conference in Bulawayo, called on exporters to leverage on the “engagement and re-engagement policy to explore and reignite markets in all parts of the world, such as China, Russia, Europe and Britain, among others”.
“We must work with the unity of purpose to facilitate trade and investment as well as ensure trade policy predictability and sustainability.
“To realize sustainable export growth, we can no longer afford to work at a slow pace; everyone has to move with speed in their areas of responsibility.
“As Government, we shall continue to play our part; industry and commerce must also play theirs,” he said then..
Nevertheless, imports similarly rose in the month of November to US$798 million, also the highest in six years.
Imports between January and November, overally reached US$7,9 billion, which resulted in a US$2 billion trade deficit.
Economists say there is a positive correlation between imports and exports.
“Much of what we produce relies on imported raw materials. With this, our trade balance will continue to remain low.”
The economist said there is now need “to adjust the demand side to reduce imports so that these (export) gains can make a significant overall contribution to our trade balance”.
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