THE Reserve Bank Of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya ensured the value of Zimbabwe’s total exports clocked US$486,8 million in May this year owing to the RBZ export incentives, signifying a marked increase of 9,5 percent from $444,7 million earnings realised in April, the Zimbabwe National Statistics Agency (ZimStat) has revealed.
The increase in total export earnings has also been attributed to a spike in tobacco earnings since the commencement of the selling season for the golden leaf in April after the RBZ took heed to supporting the golden leaf for it to return to its yesteryear status. Growing exports is at the heart of Zimbabwe’s economic transformation towards an upper middle-income status by 2030. The drive has seen the Government, guided by the National Development Strategy (NDS1-2021-2025) blue-print and working closely with the private sector, pushing for increased domestic production anchored on high value exportation.
“Zimbabwe’s main exports during May 2021 were nickel mattes, ores and concentrates (38,6 percent), semi-manufactured gold (16,1 percent) and these minerals constituted a total of 54,7 percent in total export earnings. As the 2020-2021 tobacco selling season commenced, tobacco exports shot up to 21,8 percent in May 2021 from 9,1 percent in April 2021.” said the agency in a latest update.
Meanwhile, during the period under review ZimStat said imports increased slightly by 2,6 percent to US$503,1 million from US$490,1 million in April 2021.
Increase in exports are a good sign in a Covid-19 induced environment and the apex bank boss is showing no signs of slowing down in this regard.