Players in the export industry are calling upon government to come up with a workable export recovery strategy aimed at solving the looming trade deficit for the economy.
This comes after statistics in the 2011 national budget showed the country is importing more than it is exporting.
Concern is being raised about the countryâ€™s trade deficit which has resulted in the economy becoming a net importer of goods and services, amid fears that the situation might result in further depressed revenue inflows.
Statistics in the 2011Â national budget show that the countryâ€™s current accountÂ deficit is set to widen fromÂ US$927 million last year to US$1,4 billion this year.
Stakeholders are worried that failure to solve production challengesÂ affecting the manufacturing sector willÂ adverselyÂ affectÂ efforts to facilitate a turnaround of export volumes.
Although the figures show that the overall balance of payment position is however expected to improveÂ fromÂ a deficit of US$1,9 billion in 2009Â to US$460 million by year end,Â the commitment by private sector andÂ governmentÂ to ensureÂ an urgent recovery of exports is underÂ the spotlight.
A stakeholder in the export industry, Mr. AlfredÂ Kankulu says government and the private sector should focus on mobilising funds to purchase new machinery as well ensuring that the local industry can meet the requirements of local and external markets.
â€œWe areÂ definitely concerned with the current depression, but it means we need to revise our effortsÂ to sustain key economic requirements,â€ he said.
While the mining and agriculture sectors of the economy are expected to play a crucial role on export earnings, stakeholders are also lobbying relevant authorities to introduce a financial rescue package for companies.
An industrialist,Â Mr.Â Calvin Mufunganzira, says industry should focus on value addition of primary goods to reduce the dependency on processed commodities from the external markets.
â€œValue addition is the way to go otherwise without that the industry we will continue to suffer,â€ added Mr. Mufunganzira.
The full scale recovery of the economy inÂ registering double digit growthÂ ratesÂ as well as stableÂ operating conditions depend on adequate funding,Â but with the country becoming a net importer, there is need to control the influx of foreign goods, while promoting exports.