ZIMTRADE is set to announce results on its survey of the Angolan market next month as the trade promotion body searches for new markets for local products.
The development follows the launch of the export manufacturing capacity survey last month by ZimTrade and the Confederation of Zimbabwe Industries which showed that 40% of the companies surveyed were still exporting while the remainder (60%) was not exporting.
ZimTrade said the Angola Market Research Survey was conducted during the period April 27 to May 11 2014, and will assist ZimTrade to update the current information on Angola — a fast emerging regional market.
“The main purpose of this exercise was to generate specific information on possible export products to consider for the Angolan market and other market related intelligence to enhance the prospects of market penetration For Zimbabwean products,” said ZimTrade.
“These market exploration initiatives by ZimTrade are a major contribution towards the realisation of the objectives of the Zimbabwe Agenda for Sustainable Socio-economic Transformation, which places emphasis on the expansion of regional markets to increase export earnings.”
ZimTrade however said in the medium- to long-term, it would intensify these exploratory initiatives to cover other markets such as the Democratic Republic of Congo, Tanzania, Kenya, Zambia and Limpopo Province in South Africa to diversify the country’s export destinations.
In 2012, ZimTrade did a market research in South Sudan, Africa’s newest state, where various business opportunities were discovered.
The trade promotion body also embarked on the same mission in Mozambique’s Tete province.
According to a ZimTrade Export Manufacturing Capacity Survey for 2013, over 70% of exporting firms have stopped exporting.
“The major reasons for not exporting are hassles of the exporting process and producing for export, the quality of product has fallen, lack of skilled manpower and dollarisation eroded the price,” key researcher and Africa corporate advisors managing director Mike Nyamazana said.