Zimbabwe has witnessed a remarkable surge in exports during the initial three months of the year, marking a promising trend in the nation’s trade dynamics.
This impressive growth can be attributed to a series of strategic interventions implemented by President E.D Mnangagwa’s Second Republic, aimed at amplifying the visibility and market reach of locally produced goods and services on the global stage.
The engagement and reengagement drive by the Second Republic has created and strengthened relations with countries across the world, paving a solid path for Zimbabwean products to find a way to regional and international markets.
The recent endorsement of Zimbabwe to host the next Africa-Nordic Foreign Affairs Ministers Meeting, which will take place next year in Harare, is a latest of many examples highlighting the success of “friends to all and enemy to none” direction taken by President Mnangagwa’s Government.
Coupled with the economic diplomacy agenda, being driven by the Ministry of Foreign Affairs and International Trade, the proactive measures by the Government have not only revitalized confidence in Zimbabwean products and services but have also paved the way for a sustainable growth trajectory, signalling a promising future for the country.
Of late, the demand for Zimbabwean products had been ballooning, as buyers attest that local products have better quality that what competition is offering.
Statistics recently released by Zimstat shows that the country’s exports stood at US$1,72 billion between January and March this year, which is a 25 percent increase compared to US$1,38 billion recorded same period in 2023.
As part of sustainable development measures, Zimbabwe has made steadfast progress in boosting exports of manufactured products, as overreliance on primary commodities exposes that nation to international price shocks.
Between January and March this year, exports of manufactured or valued added products increased by 55 percent from US$76,7 million recorded last year, to US$119,2 million in 2024.
Major imported products were machinery and equipment (US$384 million) accounting for 18 percent of total imports, raw materials (US$280 million) constituting 13 percent, and fuels and electricity (US$247 million) constituting 12 percent.
Further to export growth, the country has made substantial strides in curtailing trade deficit, a longstanding hurdle that previously impeded growth as the nation was purchasing more than it was selling on the international market.
Figures show that although imports also increased by seven percent to US$2,14 billion from US$2 billion in 2023, the trade deficit for the period under review stood at US$420 million, which is a 32 percent decrease when compared to a deficit of US$623 million recorded during the same period in 2023.
With regards to export markets, the country has maintained a favourable market diversification stance, with a decrease in over-reliance on one market.
Exports to South Africa, which is Zimbabwe’s largest export market declined by 13 percent to US$532 million, from US$610 million.
At the same time exports to United Arab Emirates increased by 21 percent to US$463 million, from US$382 million.
Exports to China also increased by an impressive 132 percent to US$320 million in 2024 from US$137 million.
The country has also seen a growth in exports to Mozambique, Indonesia, Hong Kong, Zambia and VietNam.
During the period under review there has also been notable exports to non-traditional markets such as India (US$12 million), Armenia (US$4,8 million), Paraguay (US$3,8 million), Yemen (US$2,1 million), and Egypt (US$1,8 million).
Movers
Hides and skins exports recorded the maximum growth during the period under review, growing by 365 percent from US$1.9 million in 2023 to US$9.1 million in 2024.
During the same period, whilst leather exports increased by 87 percent from US$513,000 in 2023 to US$965,000 in 2024.
Processed foods exports grew by 188 percent from US$13.3 million in 2023 to US$38.4 million in 2024.
Major exported products in the sector include sugar, fruit juices, beer made from malt, and prepared foods of swollen or roasted cereals.
Other products with potential in the sector include pastry products, jams, fruit jellies, marmalades, sauces, and sauce preparations.
In addition, despite the ongoing weather-induced drought experience across the region, agricultural inputs and implements exports increased by 41 percent from US$4.3 million in 2023 to US$6.1 million in 2024.
The continued demand for Zimbabwe-produced agricultural inputs and implements shows that local products are most preferred in the region.
Major exported products in the sector include grain sorghum seed, ploughs, maize seed, and appliances for spraying US$553,000.
Livestock and livestock products exports also grew by 111 percent from US$802,000 in 2023 to US$1.69 million in 2024 during the period under review.
Major exported products in the sector were birds’ eggs, in shell, fresh (preserved or cooked), live poultry, and live fish.
The sector used to be anchored by exports of fish meat, but stiff competition is coming from supplying markets such as China.
Pharmaceuticals exports have been making a rebound, growing by 60 percent from US$1.1 million in 2023 to US$1.76 million in 2024.
Major exported products in 2024 were medicaments of mixed or unmixed products, for retail sale which solely contributed to the exports in this sector in 2024.
Minerals and alloys exports, which are the largest contributor to total exports increased by 3.4 percent from US$1,12 billion in 2023 to US$1,16 billion between January and March 2024.
Major exported products in the sector were gold, moving from US$345 million to US$385 million, nickel mattes from US$230 million to US$214 million, and diamonds not mounted or set exports increased from US$41 million to US$95 million.
Unmanufactured tobaccoexports increased from US$161 million in 2023 to US$413 million in 2024 period translating to a 157 percent increase.
The 2023/2024 tobacco selling season commenced on 13 March 2024.
However, due to the El-Nino effect it is expected there will be lower auction sales as compared to the 2022/2023 season.
