HARARE – Official data has shown that Zimbabwe’s exports rose 33% to $3.5 billion in the first half of this year from $2.6 billion in the same period of 2021.
The latest increase is driven by a rise in exports of agricultural products, minerals and manufactured goods.
Finance and Economic Development minister Mthuli Ncube predicted in his mid-term review and supplementary budget for 2022 on Thursday that exports would reach $7.3 billion by end of year.
“Merchandise exports and imports increased by 33% and 15% to US$3,5 billion and US$3,7 billion, respectively, during the first half of 2022, compared to the same period in 2021. To year end, exports are expected to reach US$7,3 billion, spurred by increases in mineral receipts benefiting from the mineral commodity price boom, as well as increases in agriculture and manufactured exports,” he said.
Professor Ncube added that imports of goods are expected to reach $8.1 billion, driven by imports of fuel, machinery and basic commodities.
He said Zimbabwe’s balance of payments remains favourable, with a current account surplus of $387.1 million in the first half of 2022.
Minerals were behind the surge in exports with a sharp rise in commodities recorded over the period mainly because of the improvement in COVID-19 situation in the country which necessitated production.
Fidelity Gold Refiners purchased 15,972.52 kg of gold in the first half of 2022, compared to 9,954.67 kg in the same period of 2021.