The private and public sectors have committed to narrow the country’s trade deficit from the current $1.4 billion to more sustainable levels within the next five years through aggressive exports of value-added products to regional markets.
The country has recorded impressive strides on its export receipts over the years, with exports accounting for more than 60 percent of the country’s foreign currency earnings. Strong growth has been recorded in minerals and tobacco exports, accounting for over 80 percent of the total export earnings, with slow growth however recorded in the manufacturing sector which contributes less than 10 percent.
The current drive to improve the country’s export capacity has triggered rapid developments at policy level under the Rapid Results Initiative (RRI), and now the government is considering extending further incentives for the best performers in exports.
Strides achieved under the RRI have given hope to the private sector which is optimistic of further reducing the trade deficit from the current figure of $1.4 billion.
At the 6th exporters’ conference hosted by ZIMTRADE, important insights were raised on how Zimbabwe can develop its exports from the models outlined by Kenya and Mauritius.
The 2017 edition of the exporters’ conference attracted a number of delegates from different sectors of the economy as they deliberated on critical areas to enhance competitiveness and improve export performance.