Exports to surpass US$7 billion by year-end

Story by Stanley James, Business Editor

ZIMBABWE’s export earnings are this year projected to go beyond US$7 billion driven by minerals, tobacco, tourism, and manufacturing.

Riding on an upward trajectory of productive sectors, Zimbabwe is on course to achieve the projected 10% annual increase in export receipts from US$6,6 billion last year.

ZimTrade Operations Director, Mr Similo Nkala revealed on the sidelines of an exporters meeting this Thursday that minerals, tobacco, and tourism are dominating export earnings.

“Our statistics from January to May this year show that Zimbabwe is on course to achieve the US$7,2 billion target from exports. This is mainly being cemented by the increased confidence in minerals, tobacco, and manufacturing where volumes are high therefore creating an opportunity for increased earnings, remember, the country has set a target of at least 10% annual rise in exports per year and this will be attained,” said Mr Nkala.

The banking sector is also expected to help exporters in expanding business operations.

Corporate and investment banker, Mr Farai Chirikure said, “The banking sector has a huge role to play, especially in availing those loans that are needed for exporters to grow their business. It is through financial capacitation of exporters that Zimbabwe will further increase earnings from exports.”

Export Credit Guarantee Corporation of Zimbabwe Operations Director, Mr Andrew Mafukidze spoke on the importance of increased exports.

He said, “If the trajectory is sustained, Zimbabwe will have a comparative advantage in terms of resource utilisation that will further scale up job creation opportunities, boost overall economic growth and attract investment inflows from local and external business people.”

Exporters at the meeting resolved to forge ahead with value addition and beneficiation of commodities to broaden earnings and improve competitiveness in the regional and global markets.

Leave a Reply

%d bloggers like this: