Zim exports firm 20 percent

ZTN Correspondent

Exports increased by 20 percent between October and November 2020, the Zimbabwe National Statistics Agency (Zimstat) announced Tuesday.

“The value of total exports in November 2020 was US$528.9 million. This was an increase of 20.3% from the value of total exports in October 2020, which was about US$439.4 million,” Zimstat said.

During the same period imports increased slightly by 4.0% to US$509.7 million from the US$490.2 million recorded in October 2020.

“While a positive trade balance was maintained for the four months in a row, at the end of 2019, the trade balance has been positive as well in November 2020 due to large quantities of tobacco exports,” added Zimstat.

Zimbabwe’s major export drivers comprise gold, nickel, tobacco, nickel ores and concentrates.

South Africa, China and the United Kingdom are some of the country’s main markets.

Going forward Zimbabwe is likely to benefit immensely from the ratification of the African Continental Free Trade Area (AfCFTA) which will see increased intra-Africa trade of over US$50 billion over a 20-year period.

The Southern African nation is also targeting to earn US$1.25 billion from the export of cannabis.