Zimbabwe's Postal and Courier volumes continue to decline after the country recorded an 8.5% decline in sector revenues from the $9million recorded in the second quarter of 2018 down to $8.2million realized in the third quarter of the year as published by the Postal and Telecommunications Regulatory Authority of Zimbabwe, Potraz.
The postal and courier volumes had seen an increase by 0.1% realized in the second quarter of 2018 to record 1,905,511 from 1,903,128 before the traffic went on a negative trajectory in the quarter under review.
"There was sharp decline in international mail and courier volumes in the quarter under review. Purchases from e-commerce sites constitute the bulk of international incoming courier in Zimbabwe." reads the latest Potraz report.
Potraz attributed the sharp decline in international courier volumes to foreign currency challenges in the economy. Zimbabwe's forex challenges have come as a major hurdle to every industry hence crippling growth in the information communication technology sector which relies heavily on the robustness of other sectors.
ZIMPOST lost revenue market share by 5.5% as a result of the 19.4% decline in their revenues to record $3,597,440 from $ 4,461,223 recorded in the previous quarter.
The Potraz report further shows that the postal and courier sector recorded an overall decline in performance characterised by a decline in revenue, growth in operating costs as well as a decline in capital expenditure. All this can be attributed to the unavailability of foreign currency to support international courier volumes and stimulate economic activity across all industries which support the information communication technology sector.