Prisca Tshuma
Staff Writer
ZIMBABWE’S exports rose by 29,7 percent to US$905,2 million in November 2024, up from US$698,1 million recorded in October 2024, according to the latest figures.
Data from the Zimbabwe National Statistics Agency (Zimstat) shows that tobacco was among major exports.
“Among the top ten products exported in November 2024 were semi-manufactured gold, which accounted for 39,7 percent, tobacco at 30.5 per cent, and nickel mattes at 11.0 per cent,” stated the agency.
The United Arab Emirates and South Africa, and China were among Zimbabwe’s major export destinations during the month, accounting for 40,5 percent and 19,9 percent of total exports, respectively.
Together with China, the three countries contributed around 80 percent of the total export value for the month.
However, the country’s imports also grew, increasing by 13,9 per cent to US$952,1 million in November, compared to US$835,9 million in the previous month.
According to Zimstat, the top imported products in November included mineral fuels at 22,1 per cent, machinery and mechanical appliances at 11,9 percent, cereals at 9,1 percent, and vehicles at 7,6 percent. South Africa, China, the Bahamas, and Singapore accounted for approximately 67 percent of the total import value during the month.
Despite the increase in imports, Zimbabwe’s trade deficit for November 2024 narrowed sharply to US$46,9 million, a 66 percent decline from the US$137,8 million deficit recorded in October 2024.
This positive trend is expected to continue into 2025, as the country recovers from the El Niño-induced drought that had left it food insecure.
The projection is supported by forecasts of a normal to above-average rainfall season, which is anticipated to boost the agricultural sector.
“My view is that the projection depends on the country achieving a normal to above-average rainfall season. A good rainfall season would enhance our hydroelectric generation capacity and help stabilise food prices,” said economic analyst Prosper Chitambara.
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