Zimbabwe - Overseas Development Institute

52. I am g r a t e f u l to Ian Phimister f o r these l a t t e r poir.-s vhxr.-.
are covered f a r more f u l l y i n h i s An Economic and S o c i a l H i s t c r y
of Zimbabwe (forthcoming).
53. The u n i t value of imports rose by 10% and of exports f e l l by
10% between 1965 and 1966.
54. French, Japanese and German c a p i t a l goods and intermediate
inputs l a r g e l y replaced those p r e v i o u s l y obtained from B r i t a i n
which could not be sourced from South A f r i c a .
55. By 1970, manufacturing investment had doubled from 1965
l e v e l s and by 1972 manufactured exports had exceeded t h e i r 1965
values. Between 1965 and 1973, t o t a l exports to South A f r i c a
quadrupled from $26 mn to S102 mn while the extent of increased
i l l e g a l t r a d i n g i s evident from o f f i c i a l data r e v e a l i n g reexports
from South A f r i c a to Europe and North America r i s i n g from
$9 mn i n 1965 to $65 mn by 1974.
Between 1963 and 1970 the number of separately i d e n t i f i a b l e
products manufactured i n the country had r i s e n from 602 to 3,837
and to 6,200 by 1980 (See R i d d e l l 1981b:196).
56. In the period 1966 to the l a t e 1970s, the r u l i n g Rhodesian
Front party never l o s t a s i n g l e seat i n the s e r i e s of e l e c t i o n s
and bye-elections that tooJt place among the white e l e c t o r a t e .
57. Defense and p o l i c e expenditure rose from $65 ran i n 1974 to
$205 mn, three years l a t e r ; net white immigration of 8,000 a year
i n the e a r l y 1970s turned to net emigration l e v e l s of 11,000 a
year by the end of that decade.
58. The war d i d lead to an increase i n demand f o r war-related
manufactures. In p a r t i c u l a r demand f o r mine-proof v e h i c l e s was
created while demand for uniforms and food f o r the expanded
services expanded r a p i d l y .
59. During the whole of the UDI period. Reserve hank p o l i c y was
to maintain the current account i n balance almost on an annual
b a s i s . The r e s u l t was that l i t t l e scope or f l e x i b i l i t y was
provided to adjust to balance of payments c o n s t r a i n t s , f o r
example through f o r e i g n borrowing. As a r e s u l t , f o r e i g n exchange
c o n s t r a i n t s quic)ily worlted t h e i r way through the economy.
60. The o v e r a l l import volume index rose by 38% from 1979 to 1980
and by a f u r t h e r 23% i n the f o l l o w i n g year.
61. See pages 13-16, above.
62. Figures are from the Confederation of Zimbabwe I n d u s t r i e s
Economics Research department.
63. I t should be noted, however, that i n the post-Independence
period, p r i c e c o n t r o l s have become more all-embracing and many
a p p l i c a t i o n s f o r p r i c e r i s e s have been subject to long delays.
In some instances t h i s has l e d to such an erosion i n p r o f i t