Trade between the UK and Zimbabwe has increased significantly, reaching £609 million in the year to March 2024, according to new figures released by the Department for Business & Trade.
The latest government data shows bilateral trade grew by 37.8% compared to the previous year, representing an increase of £167 million in current prices.
British exports to Zimbabwe have shown particularly strong growth, amounting to £336 million in the four quarters to March 2024. This represents an 85.6% increase from the previous year, with exports rising by £155 million in current prices.
Meanwhile, imports from Zimbabwe to the UK showed modest growth, reaching £273 million – a 4.6% increase worth £12 million compared to the previous year.
The government figures also reveal the scale of investment between the two nations. British foreign direct investment in Zimbabwe stood at £49 million in 2022, while Zimbabwean investment in the UK reached £6 million during the same period.
Despite the substantial growth in trade volume, Zimbabwe remains a relatively small trading partner for the UK, ranking 102nd overall and accounting for less than 0.1% of Britain’s total international trade.
The Department for Business & Trade, which published these figures on 18 October, says the next update will be released on 1 November 2024.
This significant increase in trade comes at a time when the UK is seeking to strengthen its commercial ties with African nations following Brexit. The substantial rise in exports to Zimbabwe suggests growing opportunities in the southern African market, though the overall trade volume remains relatively small in the context of Britain’s global trade relationships.
