Manufacturers in Zimbabwe experienced a rise in export demand during increasing productivity, according to the findings from a government State of the Industry report.

Manufactured export goods rose at their fastest pace in a number of years, registering a 5.5% increase, with key sectors being food, textiles and packaging, amongst others. 

Within the report, Zimbabwe’s Industry and Commerce minister Sekai Nzenza announced exports hit $404 million, a rise from $383 million. 

“The increase in local manufacturing sector productivity contributed to the huge leap in total exports from $2.52 billion in 2021 to $3.3 billion during the same period in 2022. Of this marginal increase, manufactured exports grew from $383 million to $404 million,” the minister stated.

Nzenza went on to say that strategies are in the pipeline to diversify both exported products and export destinations, making the most of market access opportunities within the current bilateral, regional and multilateral agreements between Zimbabwe and other countries and trading organisations, The Standard reports.

In addition, the findings cited a $24 million revolving facility established by the Industrial Development Corporation of Zimbabwe (IDCZ) some three years ago, which had saved up to 7,000 jobs and generated a further 2,000.

Furthermore, Zimbabwe is seeking to bolster intra-African trade within an extensive trade agreement among member states as a signatory of the African Continental Free Trade (AfCFTA), which the Industry and Commerce minister believes will benefit the country.

“The country joined this economic block on the background of significant potential economic benefits that Zimbabwe can accrue in terms of improved exports, which are set to increase into the rest of the continent,” she said last year.

“There is no doubt that easing trade restrictions in Africa, under the AfCFTA, will make it easy for Zimbabwean companies to export into the continent, thereby increasing the country’s foreign currency earnings. This will resultantly help our companies to expand their operations and supply goods to a much wider and bigger market,” she added.