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Exports into region were uncompetitive-ZimTrade

April 24, 2024
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Exports into region were uncompetitive-ZimTrade

ZIMBABWE has a competitiveness gap, with exports into the region costing 15% to 30% more than those of its competitors, according to source, the country’s trade development and export promotion organisation.

Speaking during a panel discussion on the second day of the Regional Conference on Factoring and Receivables Finance and Credit Insurance in Southern Africa yesterday, ZimTrade export development manager Tatenda Marume said exports into the region were not competitive.

The two-day conference was organised by African Export-Import Bank (Afreximbank) and Netherlands-based factoring centre, FCI academy.

“We have a competitiveness gap. For instance, if you look at some of our exports into the region, we are 15% to 30% more expensive than our competitors. So, even in terms of the structuring, we also have to consider that we are not adding to the competitiveness gap,” Marume said.

“I don’t know what trade-offs can be put in there, but if it becomes more expensive, we will not be able to trade and then the opportunities in factoring will also be affected. So, I think those are some of the issues that need to be considered when we are looking at factoring.”

Marume said factoring — which is a type of finance in which a business sells its accounts receivable (invoices) to a third party to meet its short-term liquidity needs — will deal with challenges related to financing for exporters.

The third party would provide liquidity to the firm as the company would pay them back using the money they would later receive through the account receivables.

“If you ask our exporters, most of the time when we engage them, seven out of 10 times they will tell you that access to finance is one of the challenges that is affecting them,” he said.

“So, for them to be waiting, you know, to be paid, after 90 days, according to the regulator, that should happen within 90 days.”

Basically, Marume was referring to the fact that local exports wait for as much as three months to receive their proceeds which delays their ability to reinvest capital.

Marume also bemoaned policy gaps between the corporates and small and medium enterprises (SMEs).

“We have a high rate of SME mortality in terms of international trade. So, in terms of the policy that is going to be developed, we encourage that there should be a central recognition of SMEs,” he said.

“If you look at our landscape, I think about 80% of the businesses are SMEs, probably responsible for about 50% of GDP [gross domestic product] and they are less than 20% in terms of their contribution. It is because of factors such as these ones.”

On Monday, on the first day of the conference, Reserve Bank of Zimbabwe deputy governor Jesimen Chipika said collateral remained a key challenge for SMEs in securing funding which was why the bank would push factoring as an alternative.

Source Zimbabwe Situation

Tags: Tatenda MarumeZimTrade

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