Nov exports at record levels

14 Jan, 2022 - 00:01 0 Views
Nov exports at record levels

eBusiness Weekly

Michael Tome

Business Writer

Zimbabwe’s exports grew by 20,9 percent in November last year to a monthly record high in five years, latest figures from the Zimbabwe National Statistical Agency (ZimStats) show.

November’s US$647 million is the highest recorded figure of Zimbabwean monthly exports since January 2017, followed by July’s exports, which were worth US$628 million.

Data from ZimStat indicates that agro-based and mineral commodities continue to dominate the country’s exports basket on the back of improved local production.

The southern African country recorded a bumper harvest last year after receiving good rains, which saw it achieve record grain production, while strong minerals on global markets boosted local production.

Economists though feel that while growth in exports augurs well for imports-dependent Zimbabwe, it was critical that the country diversified the export basket beyond tobacco and minerals.

Huge disparities between demand and supply for forex in Zimbabwe have been blamed for fuelling exchange rate volatility, and consequently runaway inflation, which touched 837,5 percent in July last year.

Importantly though, the growth in exports will be critical for importation of essentials required to sustain Zimbabwe’s growth trajectory and also support the country’s domestic currency.

According to ZimStats, most of Zimbabwe’s exports went to South Africa, valued at US$226 million, followed by China and United Arab Emirates, which bought US$155 million and US$145 million, respectively.

Belgium and Mozambique were some of the significant recipients of Zimbabwean exports having received goods and commodities worth US$53 million and US$16 million, in that order.

Topping Zimbabwean exports in November were unmanufactured tobacco, which raked in US$210 million while receipts from semi-manufactured gold came in at US$139 million.

Nickel components contributed significantly to the country’s export figures with nickel ores and concentrate netting US$90,7 million while nickel mattes earned US$83 million.

Other notable exports from the country included ferrochromium (US$30,9 million), platinum in powder form (US$19,5 million) cotton not carded (US$16,2 million), ginned cotton (US$13,4 million) whereas coke and semi-coke of coal earned US$8, 3 million.

Imports into Zimbabwe on the other hand declined by 4,17 percent to US$683 million from October’s US$713 million.

The October imports figure was the highest in 2021.

South Africa remained the major source of Zimbabwe’s imports at US$299 million, which was just a percentage point growth from the US$296 million recorded in October.

Singapore was the second-highest source of Zimbabwean imports in November 2021 with the country bringing in US$96 million worth of goods and commodities.

China is the second major source of Zimbabwe imports from Asia having earned US$77 million from Zimbabwe while imports from Mauritius stood at US$27 million.

Regionally Mozambique imports stood at US$24,8 million while Zambia imports accounted for US$21, 7 million.

The United Arab Emirates (UAE) is proving to be one of Zimbabwe’s strong trading partners, as imports from that country stood at US$21 million.

The United Kingdom (UK) and United States of America (USA) imports stood at US$7,8 million and US$2,7 million, respectively.

Petroleum oils were the top imports in the month as the country dispensed US$110 million for the product while fertilisers, chemical fertilisers including the nitrogenous, phosphatic, pottasic, and vegetable fertiliser imports stood at US$65 million.

The value of imports of motor vehicles for goods transportation stood at US$18, 7 million, motor vehicles for transportation of persons gobbled US$12,7 million and tractors took US$10,2 million.

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