Zim rakes in $400m from exports to EU

Zim rakes in $400m from exports to EU
Published: 09 July 2014
Zimbabwe has raked in $400 million from export earnings in the European Union (EU) market since January, reflecting the government's willingness to normalise trade ties with the western trading bloc.

Information obtained from the Zimbabwe National Statistics  Agency (ZimStat) this Wednesday shows that despite a trade deficit of $800 million between January and May, the EU contributed 30 percent of the $1,2 billion in export receipts for the duration under review.

ZimStat says the major EU markets for Zimbabwe's exports which were mainly dominated by minerals, tourism and tobacco are Belgium, France, Germany, the United Kingdom, Italy, Netherlands, Poland and Sweden.

An economic analyst, Mrs Letina Undenge says there is need for Zimbabwe to focus on recapacitating industry to produce competitive products for the export markets.

"The opportunities are there, let us wait and see what can happen in the short to long term," she said.

The government is also pinning hopes of increased export earnings from the EU by resuming beef exports following the lifting of a ban on Zimbabwe's beef products by the western trading bloc earlier this year.

The information from ZimStat also shows that South Africa continues to be the country's major trading partner with overall trade volumes being in favour of the neighbouring nation which enjoys a monthly surplus of $500 million.
- zbc
Tags: Exports,

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