Zim exports up

Tobacco remains the country`s largest foreign currency earner in the month under review, with $275 million worth of the golden leaf being exported. Tobacco remains the country`s largest foreign currency earner in the month under review, with $275 million worth of the golden leaf being exported.

Zimbabwe’s total export value for the month of November 2015 has increased 72, 7 percent sparked by agricultural products and minerals, ZimStat has revealed.

Figures released by the agency show that the Southern African country’s exports amounted to $408, 1 million whilst imports for the month of November 2015 were $449, 1 million.

Tobacco, granite stone, chrome, live animals, building materials, iron and steel products, sugarcane, cotton lint, fence, coffee are some of the products on the export receipts.

Tobacco remains the country`s largest foreign currency earner in the month under review, with $275 million worth of the golden leaf being exported. Other products Gold ($55, 8 million), Nickel (12, 3 million) and Ferro-chrome ($8, 4 million).

Commenting on the statistics an economist who preferred anonymity said the increase in exports was typical of the last three months of the year.

“Last quarter of the year is always the peak period when business and industry demands more products and raw material in general. In terms of products, most exports market will be preparing for the festive season so demand is high. Also the willingness to pay more is always there during this period,” he said.

“The increase may also be due to the fact that generally major agricultural products are ready for marketing after the first half of the year. Products like sugar, cotton and tobacco are normally exported during this time of the year.”

Going forward, he said, with drought being forecasted in most, if not all parts of the Southern African Development Community (SADC), Harare will need to import maize as far as Europe and America to compliment local harvest, especially for the rural households estimated to about 70 percent of the country’s population. This will certainly push the import bill during the course of 2016 and even beyond depending on what would have been harvested this year.

Export destinations for Zimbabwe’s products include South Africa which emerged again as Harare`s chief trading partner, with total exports to Pretoria standing at $358, 9 million in November.

Mozambique was the second biggest export destination for the country, accounting for 5, 89 percent of Zimbabwe`s total exports, at $24 million. Belgium and the United Arab Emirates were also recipients of Zimbabwe’s products commanding the third and fourth places with the value of products to these countries at $4, 2 million and 4, 10 million respectivelykn.

Other export destination in SADC are Angola, Botswana, Malawi, Namibia and Zambia.

Source: The Southern Times