Zimbabwe’s exports recorded a 23.2% rise in Q2, as imports declined, as per the latest data from the Reserve Bank of Zimbabwe (RBZ).

The central bank’s report comes as a series of measures are underway to stabilise the economy and boost industrial productivity.

“The data reveals that during the second quarter of 2022, the country exported goods worth $1,767.0 million, up by 23.2% from $1,434.5 million recorded in the corresponding quarter in 2021,” according to the RBZ data.

The majority of exports were tilted towards raw materials, and the improvement in export earnings was mainly due to stronger prices for commodities such as gold and chrome.

Safe haven demand benefitted gold, which was being fuelled by uncertainties surrounding geopolitical tensions and skyrocketing global inflation, New Zimbabwe reports.

“Furthermore, most metal prices, notably for nickel and copper, rose owing to strong demand, as global energy transitions away from fossil fuels. Gold and PGMs led the country’s exports, as the two commodities accounted for more than half of the total value of goods exported by the country in the quarter under review,” the data states.

Zimbabwe’s trade balance narrowed from a $437.8 million deficit in Q1 this year to a deficit of $336.5 million in the second quarter.

Furthermore, total merchandise imports rose by 18.1% to $2,103.5 million in Q2 this year from $1,780.5 million recorded in Q2 last year. The rise was mainly down to global inflationary pressures sparked by Russia’s invasion of Ukraine.

“Food supplies from these two major world producers were severely curtailed by the ongoing conflict between them.

“In addition, fuel imports expanded enormously on account of soaring international oil prices, reflecting tight supplies from Russia, following the imposition of sanctions by the West on its crude oil exports,” said the central bank data.