Zim total trade for February up 29pc

30 Mar, 2018 - 07:03 0 Views
Zim total trade for February up 29pc

eBusiness Weekly

Zimbabwe’s total trade for the month of February 2018, stood at $922 million, 29 percent higher than the $715 million recorded in February 2017.

At $347 million, exports receipts recorded in February 2018 were 16 percent more than the $290 million achieved in the same month in 2017.

Major export products during February 2018 consisted of semi-manufactured gold (29 percent), wholly stemmed flue-cured tobacco (22 percent ), nickel mattes (11 percent ) and nickel ores and concentrates (11 percent ).

Major export destinations were South Africa (62,5 percent), United Arab Emirates (11,1 percent ) and Mozambique (7,7 percent ).

During the month of February 2018, the country imported goods and services worth $575 million compared to the $424 million recorded in February 2017.

On a month on month basis, the value of imports rose by 35 percent. Consequently, with imports growing at a faster rate than exports, the trade deficit in February 2018 was 70 percent higher than the deficit recorded in the same period in 2017.

Major import products were consumptive in nature, consisting of diesel & unleaded petrol (18 percent ), medicaments (3 percent ) and electrical energy (13 percent ). South Africa, Singapore and China were the main import sources with 45 percent , 15 percent and 5 percent market share respectively.

1.0 Zimbabwe overall Trade Performance — January to November 2017

At $8,4 billion, Zimbabwe’s total trade for the period (Jan-Nov) rose by 16,7 percent from $7,2 billion in 2016.

During the period under review the country’s total exports amounted to $3.5 billion, indicating a 40 percent increase from the $2,5 billion recorded in 2016.

The total value of imports stood at US$5 billion, 6,4 percent higher than the $4,7 billion registered between Jan — Nov 2016.

Consequently the $1,45 billion trade deficit recorded in the period under review was 28 percent lower compared to the $2 billion recorded in the same period in 2016.

During the period Jan-Nov 2017, Zimbabwe’s exports continued to be driven by export of primary commodities such as unprocessed gold, unmanufactured tobacco, raw minerals (diamonds, nickel, chromium, platinum, granite) and raw agricultural products.

On the other hand, imports were largely made up of consumer goods which are diesel, petrol, electrical energy, maize, rice and wheat.

During the same period, South Africa was the largest market for Zimbabwean products and services, absorbing 63 percent of total exports, followed by Mozambique with a market share of 11 percent, UAE (6 percent), Zambia (2 percent), Belgium (2 percent) and Botswana (1 percent).

Major source markets were South Africa (40 percent), Singapore (22 percent), China (9 percent), Zambia (3 percent), Japan (2 percent) and Mozambique (2 percent).

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