TRADE<\/u><\/span><\/h4>\u00a0 Trade is a key cog in the country\u2019s development matrix. Trade has been a driver of economic growth, rising incomes and progressive empowerment of Zimbabweans through rising standard of living and promise of better jobs. Trade is taking on a key significance with the coming in of the African Continental Free Trade Area which will enhance the movement of goods and services across borders and strengthen the development of regional and continental value chains.<\/span><\/p>Objectives<\/u><\/span><\/strong><\/p>- The objectives of Zimbabwe\u2019s Trade Policy as contained in the draft of the National Trade Policy 2012-2016 are to \u201celevate trade as the engine of growth for sustainable economic growth and development and to stimulate the productive sectors of the economy towards higher productivity, efficiency and international competitiveness.\u201d<\/span><\/li>
- Agriculture, mining and tourism are the main pillars of the Zimbabwean economy which have succeeded in development strong export industries in each of these sectors. Consequently, exports of agriculture commodities and minerals account for nearly 90% of total merchandise exports. While manufacturing has been in decline, Zimbabwe still retains a relatively large and diversified manufacturing base with the potential for growth.<\/span><\/li><\/ul>
Exports<\/u><\/span><\/h4>\u00a0 The country\u2019s major exports during the period 2009 to 2020 consisted of nickel mates and oxides (22%), Semi manufactured gold (22%), Unmanufactured tobacco (17%), nickel ores and concentrates (14%), Diamonds (3%), ferro Alloys (3%), Semi manufactured Platinum (3%), Jewellery (2%), Chromium Ores and concentrates (1%), and other (11%). The country\u2019s exports have continued to be dominated by primary commodities as opposed to value added products and services. Main Export Destinations in 2020 were South Africa ($ 1.73 billion), United Arab Emirates ($891 million) , Mozambique ($ 407.5 million), China ($ 193 million), and Uganda ($ 127 million).<\/span><\/p>Imports<\/u><\/span><\/h4>\u00a0 Imports on the other hand have largely been made up of refined petroleum ($574 m) maize ($ 232 m) Electricity ($ 152 m) Delivery trucks ($ 150 m) and Packaged Medicaments ($ 122m). The country\u2019s main imports came from South Africa $ 2.46 billion (49%), China $ 451 million (9%), Singapore $ 549 million (11%), India $ 172 million (3%) and Mauritius $ 160 million (3%), Mozambique $ 136 million (3%). Zambia $ 111 million (2%), UK $ 90.1 million (2%), USA $ 55 million (1%) and Rest of the World $ 735 (16%).<\/span><\/p>Prospects for 2021 and beyond<\/span><\/h4>\u00a0 As the country strides towards achieving upper middle income status by 2030, backed by a strong export oriented economy, the 2021 performance figures released by Zimstat show huge strides towards achieving national targets.<\/span><\/p>\u00a0 According to the latest statistics, between January- December 2021, exports stood at Us $ 6.03 billion, representing a 37.3% increase compared to Us $ 4.39 billion recorded in 2020. The US $ 6 billion dollar mark is the highest recorded figure to date.<\/span><\/p>\u00a0 The jump in exports (37.3%) which exceeds the 10% envisaged in the National Export Strategy is on account of the country\u2019s re-engagement initiative coupled with ZimTrade\u2019s export development and promotion events.<\/span><\/p>\u00a0 The increase in exports was however accompanied by an increase in imports although the bulk of the imports were raw materials and capital equipment being channeled into the local manufacturing sector to boost production.<\/span><\/p>Big Export Movers in 2021<\/u><\/strong><\/span><\/h4>- Cotton to Clothing value chain: US $ 43.9 million to $ 102.2 \u2013 132% increase<\/span><\/li>
- Arts and Crafts sector: $ 5.2 million to $ 8 million \u2013 56.6% increase<\/span><\/li><\/ol>
- Horticulture sector: $ 59.5 million to $ 63.6 million \u2013 6.8% increase<\/span><\/li><\/ul>
The major contributors under horticulture were Macadamia nuts ($13.9 million) citrus, ($10.9 million), Leguminous vegetables ($4.2 million) and fresh flowers ($3.2 million)<\/span><\/p>- Manufactured tobacco: $ 53.6 million to $ 56 million \u2013 4.5% increase<\/span><\/li>
- Cigars and cigarettes: $ 26.3 million to $ 35.4 million \u2013<\/span><\/li><\/ol>
Potential for higher exports is expected from implementation of the following initiatives:<\/u><\/strong><\/span><\/h4>- Skipping up value addition to raw cotton<\/span><\/li>
- Organizing business linkages between local artists and overseas buyers<\/span><\/li>
- Participation of local artists in external exhibitions<\/span><\/li>
- Horticulture Recovery and Growth Plan<\/span><\/li>
- Value Chain Strategy in the production of tobacco.<\/span><\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"
Economic and Commercial The functions of the Commercial and Economic Section includes the following; strengthening of economic, trade, and investment cooperation with the Peoples Republic of China (PRC) and countries that it is accredited to, through the timeous provision of adequate information on business opportunities; promotion of Zimbabwean products through participation in fairs, expos, and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ocean_post_layout":"full-width","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","footnotes":""},"class_list":["post-197","page","type-page","status-publish","hentry","entry"],"_links":{"self":[{"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/pages\/197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/comments?post=197"}],"version-history":[{"count":26,"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/pages\/197\/revisions"}],"predecessor-version":[{"id":2656,"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/pages\/197\/revisions\/2656"}],"wp:attachment":[{"href":"https:\/\/zimembassybeijing.org.cn\/wp-json\/wp\/v2\/media?parent=197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}