Zimbabwe’s exports have steadily increased, leading to the reduction of the trade deficit by 28 percent last year, with authorities confident of sustaining this trend, bouyed by the $100 million facility from the Reserve Bank of Zimbabwe (RBZ).
To expand this scope of growth, experts advise that the country should embark on improving policy that allows easy exportation.
The central bank has already stated that the salvation to economic recovery lies in improving exports and the impressive strides recorded in this sector over the last two years highlights the potential it wields to reboot the country’s economic performance.
Export receipts hit above $2 billion last year from $1.7 billion registered in 2016 with minerals and tobacco being the top earners.
To expand on this strong performance, trade experts advise that there should be enhanced efforts towards exports promotion by identifying other markets within the region and across the globe.
Ensuring the ease of doing business is also critical to maintain the northward trend of exports.
With the tobacco selling season just a few months away, recommendations are also being proffered on how authorities can prepare for this sector to effectively capture its potential and harness its capacity to grow its export receipts.
There is great potential for Zimbabwe to further narrow its trade deficit this year but it is incumbent that a conducive environment to promote export growth is created and fully supported.