Zimbabwe international and regional trade up by 31% in the 1st quarter 2021

 Zimbabwe international and regional trade up by 31% in the 1st quarter 2021

Zimbabwe international and regional trade up by 31% in the 1st quarter 2021.

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In a period between January and May 2021, Zimbabwe’s export receipts improved by 31% to accumulating a staggering figure of US$2.02 billion which is a great climb as compared to the US$1.53 billion during the same period last year in 2020 regardless the negative environment brought about by the Covid-19 pandemic.

Major contributors to the exports in the period under review were tobacco and mining products, where minerals such as alloys contributed 80.92% to the exports and 11.7 % was contributed by unprocessed tobacco.

There was also great contribution from the textile industry as clothing, foot wear and textile exports increased by 76.62% to US$19.95 million from US$11.3 million in 2020, and the majorly exported products in the industry were cotton which accumulated a total of US$10.6 million and male suits, jackets, blazers, trousers and ensembles worth US$2.8 million.

As stated by the national trade development and promotion body Zimtrade, even though trade has been negatively affected by the Covid-19 pandemic across the world, Zimbabwe’s exports show resilience as they continue to upside.

South Africa remains to be Zimbabwe’s top exports market accounting for the 40% total of goods exported, followed by United Arab Emirates with 19% uptake of Zimbabwean exports while Mozambique sits at 9%.

Some of the emerging markets seeking for Zimbabwean products include Malawi, Tanzania, Democratic Republic of Congo, Zambia and Rwanda.

As proved by export composition during the period under review, primary commodities continue to dominate Zimbabwe’s trade offerings.

However, imports in the same period stood at US$2.43 billion which was 29.8% higher than US$1.88 billion in the same period last year.

Machinery and equipment, motor vehicles and parts as along with fuel and electricity are regarded as the main constituents of the of the US$2.43 billion imports made by the country this year between January and May, but statistics from Zimtrade highlighted that machinery and equipment imports declined by 81.8% whilst motor vehicles and parts importation slowed down by 68% as compared to last year 2020.

Chen Williams

A young Energetic communication expert with an unrivaled ability to understand how to pitch stories objectively for financial publications and the Arts. Passionate about business, the youth in agriculture, video editing, photography, and music production.

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