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Tuesday 21 September 2021
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Zimbabwe records increase in export earnings

Zimbabwe said export earnings rose 40.1 percent in the first eight months of the year to USD1.1 billion compared to the same period last year.

In a statement, the central bank said booming commodity prices as well as closer monitoring of the export sector, to clamp down corrupt practices, had led to an increase in export revenue.

It said the country generated US$794.9 million over the same period last year, down from USD995.4 million in 2005.

Mining led the income table with US$550.9 million, representing a 17.9 percent increase on last year’s US$467.5 million.

The mineral export figure excludes gold, which is independently marketed by the central bank.

Between January and August, the country earned USD104.6 million from gold.

Agriculture followed mining in second place in the export earnings table, but the sector registered a modest growth in revenue generation.

The bank said that despite an improvement in export earnings, the country still continued to experience acute foreign currency shortages and was unable to finance major imports in the period.

These included fuel, drugs, food and electricity.

The southern African country has been slapped with sanctions by western bilateral and multilateral lenders over alleged human rights abuses.

The penalties have driven Zimbabwe into an unprecedented economic crisis characterised by high inflation of over 7 000 percent.

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