Zim eyes more export markets

LIVINGSTONE MARUFU

Zimbabwe is looking to expand its export markets with the goal of increasing the penetration of Zimbabwean products and services into non-traditional markets.

Apparently, South Africa is Zimbabwe’s biggest trading partner , accounting for more than 60%.

In its latest Nigeria Market Survey Report, Zimbabwe’s trade development and promotion organisation, ZimTrade said there was a need for the country to  look for more export markets rather than South Africa.

“The (Nigeria) mission was in line with ZimTrade’s 2022-2025 Strategy to diversify export markets in non-traditional export markets  as well as established markets with a view to increase the penetration of Zimbabwean products and services,” ZimTrade said.

The strategy was premised on the need to grow exports through market and product diversification.

ZimTrade said this has been paying off as statistics show that exports have seen a 9.2% increase  to US$5.9bn  during January to November in 2022  from US$5.4bn  reported in the prior comparative period.

The increase in exports was attributed to the various  government’s efforts, along with related agencies like ZimTrade, which facilitates export development and export promotional activities.

ZimTrade said  these activities have raised the profile of Zimbabwean products and generated interest from markets around the world.

ZimTrade said with the current positive trend in export growth, businesses across Zimbabwe can take advantage and expand their products into traditional and non-traditional markets.

“Already, the need to diversify export markets has seen an acceleration of trade promotion activities to emerging market, including a series of business forums held in 2022 between Zimbabwean companies and potential partners from countries such as United Arab Emirates (UAE), Rwanda, Malawi and Democratic Republic of Congo.

“With the continued demand for organic and fresh produce in countries in Europe and the Middle East, there is a great potential for Zimbabwe to expand their exports, with a high likelihood of surpassing the US$7bn  mark in 2023.”

ZimTrade will conducting a market scan in Saudi Arabia, to explore more export opportunities for local products in the Middle- East.

Zimbabwe will  accelerate activities to foster trade and broaden the availability of its products to different markets like China, Malaysia and Egypt, to diversify export markets and products.

The development comes as ZimTrade has urged local companies involved in exports to consider Nigeria, which is one of the biggest markets in Africa with over 200m people.

This follows a market survey this year to help businesses break into this market, and the results showed good prospects for local products in the west African nation.

ZimTrade saw potential in fast-moving consumer items, horticultural products, essential oils and construction services  among other industries with growth potential.

Currently, Zimbabwe’s exports to Nigeria consist mainly of tobacco and products of the milling industry.

“Opportunities for Zimbabwe can be explored in horticulture, essential oils, leather and FMCG.

“These sectors were identified through an analysis of current trade patterns of Nigeria and aligning this with Zimbabwe’s areas of relative comparative advantage.

“An analysis of the export potential, based on the ITC Export Potential Map, was also conducted,” ZimTrade said.