Zimbabwe’s trade deficit narrows 29pct in October

Zimbabwe’s trade deficit narrows 29pct in October

BULAWAYO, November 23 (The Source) — Zimbabwe’s trade deficit narrowed by 29 percent to $279,7 million in October as exports rose slightly, latest data from the national statistics agency has shown.

The Zimbabwe National Statistics Agency (Zimstat) data shows that exports in October were up six percent to $236 million compared to the previous month while imports declined 12 percent from $583, 6 million to $515, 9 million.

Some of the exports include beef, tobacco and other agricultural produce as well as wines, minerals and scrap metal.

Cumulatively to October, Zimbabwe’s imports bill stood at $5 billion while exports amounted to $2 billion, indicating a continued reliance on imported goods as local industry remains depressed.

Some of the imported products include fish, milk, cheese, sausage casings, agricultural products including maize, sugar related confectionary, biscuits, electrical energy, chemicals, fertilisers, vehicles and generators.

The biggest import source for Zimbabwe in the period under review was South Africa with $201 million followed by Singapore with $115 million.