Zimbabwe Q1 exports up 12pct year on year – RBZ

Zimbabwe Q1 exports up 12pct year on year – RBZ

By Bernard Mpofu, HARARE, April 13 (The Source) – Zimbabwe has recorded a 12 percent growth in exports to $868,7 million in the first three months of the year compared to the same period last year driven by mineral shipments, latest central bank figures have shown.

Reserve Bank of Zimbabwe exchange control deputy director Tayengwa Chitauro told delegates attending a stakeholder awareness workshop that more reforms are required to boost exports as the country’s annual exports have averaged $2,2 billion over the last 20 years.

Experts say dependence on primary good exports, mainly from the mining sector which accounts for nearly 60 percent of total shipments, and tobacco may not sustain the economy in the long-term.

Exports reached an all time peak of $3,8 billion in 2012 with South Africa and China being the leading destinations for local products.

“We don’t export a wide range of products so we need to work on that,” Chitauro said adding that last year the central bank processed 27,153 export applications out of the 27,353 submitted.

He said government should consider setting up a National Trade Facilitation Committee to help grow exports.

Zimbabwe is currently ranked 171 out 189 countries according to the latest World Bank doing business report.