The countryâ€™s trade promotion body, ZimTrade is projecting a rebound on export volumes by the first quarter of next year as developmental banks have pledged to inject a US$200 million revolving facility to local exporting companies.ZimTrade says following the conclusion of financial export rescue packages for local exporting industries involving multilateral lending institutions such as the African Development Bank, PTA Bank and the Developmental Bank of Southern Africa over the release of a US$200 million revolving facility, there is hope for a resurgence of the nationâ€™s export volumes.
The chief executive officer for the trade promotion body, Ms. Priscilla Pilime said the organisation has also identified exporting companies that are expected to benefit from the revival exporting facilities with effect from January next year.
â€œWe have identified the beneficiaries and we hope this will translate into increased returns,â€ said Ms Pilime.
Zimbabweâ€™s export volumes have been subdued in the past two years as several manufacturing companies struggle to recapitalise owing to funding constraints, subdued domestic demand and old machinery.
While official data from ZimTrade shows that the countryâ€™s capital account trade deficit is hovering at US$1.2 billion, economic observers say government should mobilise adequate funds to restore confidence in the export industry.