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Zimbabwe import bill improves on quality

by Staff Reporter
28 Jun 2021 at 16:49hrs | Views
The quality of the country's import bill has vastly improved over the past two years, with goods used in the production process dominating imports in line with the objectives of the National Development Strategy One which is prioritising productivity.

Proponents of the local content strategies are excited about the country's trade statistics released by Zimstat this Monday as they speak into the country's re-industrialisation agenda.

Ever since the country's economic re-calibration under the Second Republic, the results have now manifested with a paradigm shift of the import bill from a highly consumptive nature to capital-oriented.

Production and productivity have been on a steady rise since June last year stimulated by access to foreign Currency through the Auction System which enabled companies' retooling exercise to be efficiently and effectively executed.

According to Buy Zimbabwe Strategist Mr Munyaradzi Hwengwere, the latest data is a key economic barometer in the transformational journey of the country.

"I am very happy with the latest trade statistics which are implying an economy on the mend looking at how machinery and equipment have congested the import bill which ultimately speaks on job creation and value addition to a certain extent," noted Hwengere.

Confederation of Zimbabwe Retailers President Mr Denford Mutashu highlighted that the availability of locally produced goods in Zimbabwe's supermarket shelves is enough evidence of the success of the country's economic recovery journey.

"We have seen it coming as availability of local products have been dominating in supermarkets and this level should be maintained for the country to be able to meet its economic targets," Mutashu.

Economic analysts are optimistic that going forward, the country is set to witness a more balanced and quality import bill driven by the good agricultural season that will sufficiently feed industry with raw materials.

Source - ZBC