Siphakeme .Mnindwa
Sikhulekelani Moyo, mskhulekelani16@gmail.com
ZIMBABWE’s merchandise exports grew by 3,3 percent to reach US$5,4 billion during the first nine months of 2024, up from US$5,2 billion recorded during the same period in 2023.
This was revealed by Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube, in his 2025 National Budget presentation.
The growth was primarily attributed to increases in gold and tobacco exports, with minerals continuing to dominate the country’s export portfolio. However, economic experts have called for enhanced domestic value addition and diversification to reduce reliance on primary commodities.
Mineral exports, which account for the largest share of merchandise exports, grew by 0,8 percent, rising from US$4,1 billion in the first nine months of 2023 to US$4,2 billion in 2024. The subdued growth was largely due to depressed prices for platinum group metals (PGMs) and lithium.
Gold exports, however, experienced a significant increase of 16,7 percent to US$1,5 billion. This growth was driven by higher production levels and sustained global gold prices, which benefited from safe-haven demand amidst global economic uncertainties.
Prof Ncube projected that by the end of 2024, merchandise exports would grow by 2,8 percent, from US$7,2 billion in 2023 to US$7,4 billion, bolstered by surging gold and tobacco exports.
Looking ahead, exports are expected to increase by 6,3 percent in 2025 to US$7,9 billion, supported by growth in PGMs, lithium and agricultural exports, despite the challenges posed by depressed mineral prices.
According to Zimstat, the country recorded a 21,4 percent export increase to US$698,1 million in November 2024 from the October 2024 value of US$575,0 million.
Zimbabwe’s external sector has demonstrated resilience, with foreign currency receipts rising by 17,9 percent to US$10 billion in the first nine months of 2024, compared to US$8,5 billion during the same period in 2023. Export receipts and diaspora remittances accounted for 59 percent and 25 percent of the total receipts respectively.
Prof Ncube noted that this improvement positively impacted the country’s balance of payments. Preliminary estimates indicate a current account surplus of US$227 million in the first nine months of 2024, up from US$59,4 million recorded during the same period in 2023.
The current account was projected to close 2024 with a surplus of US$150,5 million, improving further to US$277,4 million in 2025, supported by resilient remittance inflows and a narrower trade deficit.
Zimbabwe’s trade deficit narrowed significantly to US$137,7 million in October 2024, a 34,3 percent decrease from US$209,5 million in September of the same year.
Growing exports and reducing the trade deficit are vital for transforming the country’s economy. These developments not only help retain jobs but also ensure a steady supply of goods and services to the local market. — @SikhulekelaniM1.
mbulelo smpofu
