Zim reduces trade deficit in September

01 Nov, 2019 - 13:11 0 Views
Zim reduces trade deficit in September

eBusiness Weekly

HARARE – Zimbabwe managed to reduce its  trade deficit for the month of September 2019 compared to the previous  month by about US$14 million, latest trade data released on Wednesday  shows.

According to the Zimbabwe National Statistics Agency (Zimstat), the  country last month exported goods worth US$378.4 million against imports  of US$403.7 million and therefore suffered a deficit of US$25.3 million.

In August, the country recorded a trade deficit of nearly US$39 million  after buying goods from outside worth US$384.4 million against sales of US$345.5 million.

In terms of the data, Zimbabwe exports a variety of goods to various  destinations among them the United Arab Emirates, Netherlands, China,  the United Kingdom and the United States.

The exports range from agricultural produce to minerals to art.

The same countries are also major imports sources for local industry.

Zimbabwe has for long battled as trade imbalance and is in the  process  of implementing strategies aimed at reversing the trend through  encouraging value addition.

The strategy paid off as Zimbabwe for the first time in a long time  recorded its first ever current account surplus in of US$196 million in  the first quarter of 2019.

High import bills as opposed to earnings have been the source of  foreign currency shortages that have had a spill over effect on the rest  of the economy as the government struggles to import critical inputs  primarily electricity and fuel that keep industry going. – New Ziana

 

Share This:

Sponsored Links

Survey


We value your opinion! Take a moment to complete our survey

This will close in 20 seconds