Zimbabwe’s exports down 8.2% in H1

Zimbabwe exported goods and services worth US$3.1 billion in the first half of 2023, down 8.2% from H1 2022, latest Reserve Bank of Zimbabwe trade data have shown.

This was mainly attributed to weaker global mineral prices.

Mineral earnings, the biggest part of exports, fell from US$2.9bn in H1 2022 to US$2.58bn in first half of 2023.

Zimbabwe’s main exports include gold, platinum, chrome, tobacco, and cotton. But this has not helped the country much in that it exports mainly raw materials, as its manufacturing sector is currently in the woods.

However, growth in exports has lagged behind growth in imports. Since 2009, Zimbabwe ran large trade deficits which, along with declining remittances, resulted in a widening current account deficit.

Apparently, in 2017 and 2018, the government introduces measures that restricted imports resulting in a decline in the current account deficit.