Eddie Cross
CLAIM: Zambia’s exports are double those of Zimbabwe.
VERDICT: True. Official data published by both countries bears this out.
Eddie Cross, an economic commentator and a member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee, this week claimed that Zambia’s export earnings are double those of Zimbabwe.
“We have mineral riches of every kind you can name yet our exports are half those of Zambia,” Cross wrote, as he argued that Zimbabwe was not utilising its economic potential.
What does the data say?
Official statistics from the Reserve Bank of Zimbabwe (RBZ) and the Bank of Zambia
Show that, over the past two years, Zambia’s exports have indeed been roughly twice as much as its southern neighbour’s.
Last year, Zambia’s exports amounted to US$9,067.6 billion, more than double Zimbabwe’s US$4,264.7 billion. In 2017, Zimbabwe’s export receipts were US$3,665.2 billion, also less than half of Zambia’s US$8,142.8 billion.
Zambia is Africa’s second largest copper producer, after the Democratic Republic of Congo, and is ranked among the top ten global producers. The country produced just over 861,000 tonnes of copper in 2018. The metal makes up at least 75% of Zambia’s exports. Copper recovered from its 2015-16 slump to reach five-year highs in 2018, driving Zambia’s export receipts.
Cobalt is Zambia’s other major export.
Zimbabwe, on the other hand, has a more diversified export profile. Gold, is the country’s leading export, followed by tobacco. Both commodities reached record output in 2018, but years of under-investment in both mining and agriculture mean the country is not fully exploiting its potential. Zimbabwe also exports nickel, platinum, chrome ore and ferrochrome.
Conclusion:
Cross’ assertion that Zimbabwe is punching below its weight and recording half of Zambia’s exports is true.
Do you want to use our content? Click Here
