Zim export receipts up 28%
LIVINGSTONE MARUFU
Zimbabwe’s export receipts rose 28.1% to US$6.85bn during the 11 months of 2022 from US$5.34bn recorded during the same period last year on the back of mineral export earnings.
The country mainly benefited from international commodity prices and increased mineral output.
Reserve Bank of Zimbabwe governor John Mangudya told Business Times that the export receipts continue to increase despite the raging economic headwinds.
“The export receipts were anchored by mineral export earnings which were 76% of the total export receipts which were at US$5.24bn from US$4.21bn on the back of good international prices,” Mangudya said.
“This will provide further impetus to the achievements relating to the exchange rate and price stability.”
Zimbabwe is currently experiencing a positive current account prompted by improved value of exports of both goods and services as well as international transfers of capital since 2019.
The developments have been underpinned by firming global commodity prices and rising diaspora remittances.
The Treasury has since acknowledged that gold exports have benefitted from lucrative prices offered on the global markets.
Tobacco exports surged to US$837m in 2022 from US$513m during the eleven months of 2021 on account of firmer prices.
