Zimbabwe exports 19 percent down in first five months – Zimstat

Zimbabwe exports 19 percent down in first five months – Zimstat

BULAWAYO, June 16 (The Source) — Zimbabwe registered a 19 percent decline in exports in the first five months of the year, reflecting a significant slow-down in the economy, trade figures from the national statistics agency showed on Thursday.

Data released by the Zimbabwe National Statistics Agency (Zimstat) on Thursday shows that exports to May amounted to $949 million against $2,07 billion imports, which remain heavily skewed towards consumptive products following a significant drop in raw materials importation.

Total imports also declined by 13 percent of the same period.

In the corresponding period of 2015, Zimbabwe’s exports stood at $1,177 billion, while imports were $2,38 billion, according to Zimstat figures.

Most of the imports are consumptive products such as bottled water, sugar, soap, cooking oil, cellphone handsets, electronics, vehicles spares, clothing and second hand vehicles, which account for over 70 percent of the import bill.

Zimbabwe’s exports include beef, tobacco and other agricultural produce as well as wines, minerals and scrap metal, Zimstat said.

Last year, the southern African nation’s total imports were $2.7 billion against imports of $6 billion, giving a $3.3 billion gap. The country’s exports have declined from $3.9 billion in 2012, while imports have also come off from $7.5 billion that year, Zimstat data shows.

The decline is largely attributed to the weakening of commodity prices, which make up the bulk of Zimbabwe’s exports, since 2012.

Last month, in a bid to boost flagging exports, the central bank announced a $200 million incentive to be paid out in bond notes whose value is tied to the United States dollar.

The move has drawn widespread criticism from industry and consumers who fear a return to a much-loathed local currency, which was replaced in 2009 by a basket of foreign currencies – chiefly the US dollar and South Africa’s rand – after hyperinflation rendered it worthless.

 

  • Renias Pasipanodya

    And the RBZ hopes to ” inject ” United Zim Dollar 200m(5% of USD4 billion exports) aka BOND NOTES from October on the back of which exports? Tobacco, Gold, PGM matte , Human Capital perhaps?
    Usd200m is the government wage bill ratemesa vanhu musoro,month in and month out.
    So a financial smokescreen was created ( the bond notes charade) so that the gvt pays its wage bill monthly and quietly, without causing grown men, and old men and tired men to stay up all night scratching their….
    By virtue of not wanting to be caught out( remember 2008), of course all rational economic agents who transact using the ” loan guaranteed IOUs ” ( as is widely peddled) will funnel them back to the banking system pronto and hence we will have some measure of ” circulation ” and ” liquidity “.
    But alas, it will be an improved circulation made up of “shadow ( bad) money”.
    Your genuine ” productivity / value/money ” ( as shown by a USD denominated account in your local bank) is now being shored up a billions of locally discounted TBs( lower than junk status) that were / are used to remit/ siphon the REAL value in American Dollars from the local banks’ Nostro accounts to offshore havens.
    So for someone like me and a few million Zimbas, its back to El- Tahrir Square.( back to Zero)