News / Local
Minerals, tobacco dominate Zimbabwe's export list
27 Dec 2023 at 10:09hrs | Views
In the third quarter of the year, Zimbabwe's export landscape continued to be dominated by raw minerals and tobacco, as outlined in the Reserve Bank of Zimbabwe's (RBZ) third-quarter report.
According to the central bank's report, gold emerged as the primary export earner during this period, injecting US$502.5 million, constituting 26% of the total exports. The Platinum Group of Minerals (PGM) followed closely, generating US$403.8 million.
Other notable contributions to exports included industrial diamonds at US$136.8 million (7.1% of total exports), Ferro-Chromium at US$85 million (4.4% of total exports), Coal at US$34 million, Chromium Ores and Concentrates at US$20 million, and Granite at US$8.9 million. Cash crops, such as Tobacco and Cotton, contributed US$272.8 million and US$14.9 million, respectively.
The geographical distribution of exports revealed that 48.3% of the country's export products were directed to Asia, followed by Africa at 32.9%, Europe at 5.1%, and the Americas at 1.1%. Notably, the United Arab Emirates absorbed 26.6% of the country's exports, with South Africa at 25.9% and China at 16.2%.
In total, Zimbabwe's exports for the third quarter of 2023 amounted to US$1,931.0 million, marking a 21.1% increase from the US$1,594.2 million recorded in the same quarter of 2022. The third quarter of 2023 outturn was also 4.3% higher than the US$1,851.3 million realized in the preceding quarter. The boost in export earnings during this period was attributed to improvements in industrial diamonds and tobacco exports, which increased by 24.4% and 2.4%, respectively.
This data underscores the pressing need for the authorities to implement value addition and beneficiation initiatives in the mining and agricultural sectors. Observers in the market suggest that investing in value addition and beneficiation could potentially triple current earnings from minerals and cash crops while simultaneously creating thousands of jobs.
According to the central bank's report, gold emerged as the primary export earner during this period, injecting US$502.5 million, constituting 26% of the total exports. The Platinum Group of Minerals (PGM) followed closely, generating US$403.8 million.
Other notable contributions to exports included industrial diamonds at US$136.8 million (7.1% of total exports), Ferro-Chromium at US$85 million (4.4% of total exports), Coal at US$34 million, Chromium Ores and Concentrates at US$20 million, and Granite at US$8.9 million. Cash crops, such as Tobacco and Cotton, contributed US$272.8 million and US$14.9 million, respectively.
The geographical distribution of exports revealed that 48.3% of the country's export products were directed to Asia, followed by Africa at 32.9%, Europe at 5.1%, and the Americas at 1.1%. Notably, the United Arab Emirates absorbed 26.6% of the country's exports, with South Africa at 25.9% and China at 16.2%.
In total, Zimbabwe's exports for the third quarter of 2023 amounted to US$1,931.0 million, marking a 21.1% increase from the US$1,594.2 million recorded in the same quarter of 2022. The third quarter of 2023 outturn was also 4.3% higher than the US$1,851.3 million realized in the preceding quarter. The boost in export earnings during this period was attributed to improvements in industrial diamonds and tobacco exports, which increased by 24.4% and 2.4%, respectively.
This data underscores the pressing need for the authorities to implement value addition and beneficiation initiatives in the mining and agricultural sectors. Observers in the market suggest that investing in value addition and beneficiation could potentially triple current earnings from minerals and cash crops while simultaneously creating thousands of jobs.
Source - newzimbabwe
