The country has witnessed a positive export performance in the first half of the year after recording about 83 percent increase in total exports, a statement from the Reserve Bank of Zimbabwe RBZ has revealed.
The statement indicates that the countryâ€™s exports during the first half of the year were valued at US$ 871 million compared to US$ 477 million recorded during the same period last year.
The positive export performance which has been attributed to improved economic performance and increased mineral shipments saw export shipments during the first half of the year surging by a positive 82.8 percent compared to the same period last year.
Former Confederation of Zimbabwe Industries (CZI) President, Mr. Kumbirai Katsande said the development is reflective of the improved capacity utilisation across industry and challenged the local industry to consider value addition so as to further improve the countryâ€™s export performance.
â€œThis is an indication of the improving economic climate particularly the increase in capacity utilization. There is however need to deal with those sectors which are still lagging behind though value addition,â€ said Mr Katsande.Â
Economic analyst, Mr. Willie Ganda said there is need for the local industry to venture into the emerging markets particularly in the Far East in order to increase exports.
There is urgent need for market diversification, we have relied more on the traditional markets and we now need to exploit the emerging markets,â€ MrÂ Ganda said.
The recently presented 2010 Mid-Year Monetary Policy statement indicates that mineral exports amounted to US$ 598 million, up from last year figure of US$ 207 million during the same period under review.
Tobacco exports amounted to US$ 143 million compared to US$ 122 million over the same period in 2009.