shipping agents.jpgZimbabwe 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, ”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.”

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.

“The increase in export value means nothing because we are still reeling under a deficit of close to US$1,4 billion,” 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.