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Zim exports up 12%

Business
ZIMBABWE’s total exports firmed 12% to $868,7 million in the first quarter of 2015 by mining exports, the Reserve Bank of Zimbabwe (RBZ) has said, but warned that the country was susceptible to shocks with a higher export concentration ratio.

ZIMBABWE’s total exports firmed 12% to $868,7 million in the first quarter of 2015 by mining exports, the Reserve Bank of Zimbabwe (RBZ) has said, but warned that the country was susceptible to shocks with a higher export concentration ratio.

BY NDAMU SANDU

In the same period last year, exports were $775,5 million.

A higher export concentration ratio means that the country is less diversified and relying on a few products, Tayengwa Chitauro, RBZ deputy director (exports), said yesterday.

Mining led the way accounting for over 50% of exports.

Tobacco contributed 26,1%.

“We don’t export a wide range of products so we need to work on that,” he told stakeholders attending a two-day exchange control awareness workshop.

Countries with a lower export concentration ratio have a diversified export portfolio and are not susceptible to external shocks in the event that prices of one product tumbles on the world markets.

Zimbabwe’s exports average $2,2 billion per annum over the last 20 years. At its peak, annual exports hit $3,8 billion in 2012.

Chitauro said there was a proposal to set up the National Trade Facilitation Committee to step up the export facilitation process.

Chitauro said the central bank was also accelerating export facilitation by instructing banks to process requests by an exporter within 24 hours. RBZ received over 27 export applications.