Zimbabwe has so far realised US$548 million from export shipments amid calls for government to find a way to overturn the US$1,4 billion trade deficit.
According to data from the treasury, declared exports shipment for the period 1 January to mid-March 2012 increased by 6.38% reaching US$584 million compared to US$549 million declared in the same period last year.
However an economist, Mr. Peter Kadzere says despite the growth in export receipts, fiscal authorities face a tough task in boosting revenue inflows on the back of the current trade deficit of US$1,4 billion and an import cover of less than a month.
Mr Kadzere said, â€The real question is on the ability to create a positive environment to unlock exports but if imports continue to increase then there is nothing to celebrate.â€
Another economist, Mr Proctor Nyemba says it is important for relevant authorities to focus on the recapitalisation of local industries with a view of reducing imports while restoring export confidence.
â€œThe increase in export value means nothing because we are still reeling under a deficit of close to US$1,4 billion,â€ Mr Nyemba said.
Government through the Ministry of Finance is under pressure to come up with workable financial rescue packages for the export sector at a time when firms are failing to get long term loans from the banks.