Exports slump as metal prices retreat

THE Reserve Bank of Zimbabwe says there was a decline in the country’s foreign currency inflows during the first half of 2023, as the surge in metal prices that followed the onset of the Russia-Ukraine conflict eases.
In his mid-term monetary policy statement last week, the central bank’s governor, John Mangudya, reported “a transitory decline in foreign currency receipts on account of declining export commodity prices such as the Platinum Group of Metals (PGMs)”.
The country’s exports declined by 8,2 percent during the period to US$3,19 billion, “mainly weighed down by the subdued performance in mineral exports”.
Minerals, which account for the largest share of the country’s exports, declined by 12,5 percent to US$2,58 billion during the period.
“The decline in exports followed the continued softening of key commodity prices,” Mangudya added.