LIVINGSTONE MARUFU
Zimbabwe’s trade deficit for the first 11 months of 2022 widened to US$1.96bn from US$1.4bn reported in the prior comparative period as the economy imported more than it exported, ZimTrade CEO, Allan Majuru has said.
Total exports in the reviewed period stood at US$5.9bn while US$7.9bn was spent on imports.
“Consequently, the trade deficit for the period under review stood at about US$2bn, which is an increase when compared to a deficit of US$1.4bn recorded during the same period in 2021,” Majuru said.
He said exports of manufactured or valued added products increased by 13% to US$334m in 2022 from US$295m in January to November 2021.
Exports in the mining sector increased to US$4.76bn during the eleven months of 2022 from US$4.29bn during the eleven months in 2021, translating to 11% increase.
“The increase may be attributed to an increase in gold deliveries. Zimbabwe’s gold deliveries up to November 2022 totalled 33.3 tonnes, a 31% increase from 25.3 tonnes delivered over the same period in 2021. Of the total gold deliveries up to November 2022, small scale miners contributed 22.9 tonnes while the remainder came from big producers,” Majuru said.
Tobacco exports increased by 2% during the reviewed period to US$737m from US$721m during the prior period.
The product accounts for 12% of total exports down from 13% in 2021.
According to the TIMB report, the average price per kilogramme increased by 10% during the 2022 selling season and there was a 1% increase in total volume.
“Manufactured tobacco exports increased 25% to US$63.4m during the eleven months of 2022 and the sector’s total contribution to total exports remained unchanged at 1%.
“Processed foods during the period under review processed foods exports increased by 26% to US$70.6m in 2022 from US$56.2m during January and November 2021. The sector contributed 1.1% to total exports.
“Major contributors in the sectors were sugar exports [US$25.8m], confectionery products [US$6.4m] and Pepper of the genus piper, capsicum or pimenta, dried, crushed or ground [US$4.2m],” he said.
Agricultural inputs and implements exports increased by 33%, to US$27.8m in 2022 from US$20.9m in 2021.
Major exports were seeds, fruits and spores, of a kind used for sowing amounting to US$4m million and maize seed amounting to US$4.4m.
Packaging and stationery sector’s exports recorded an increase of 26%, to US$11.2m in 2022 from US$8.8m in 2021.
Major exported products in the sector were cartons, boxes and paperboard, paper and paperboard, corrugated, creped (US$6.5m) and corrugated, creped in rolls or sheets (US$4 m).
On the other hand, processed leather exports increased to US$2.7m from US$1.9m ,translating to a 44% increase.
During the period under review exports to South Africa decreased to US$2.46bn from US$2.69bn in the prior comparative period whilst exports to the United Arab Emirates increased to US$1.96bn from US$1.47bn.
