Trade deficit narrows in October

Trade deficit narrows in October

BULAWAYO, November 30 (The Source) — Zimbabwe’s trade deficit narrowed to $151 million in October 2016, as exports increased by 27 percent from September to $318 million, latest data from the national statistics agency has shown.

Exports grew 27 percent in October compared to the previous month, while imports rose by six percent to $470 million, figures released by the Zimbabwe Statistical agency (Zimstat) on Tuesday showed.

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

In the period under review, Zimbabwe exported tobacco worth $144 million compared to the $54 million recorded in the previous month. Nickel ore earned $28 million while gold brought in $76 million, down from $93 achieved last month.

Cumulatively to October, Zimbabwe’s imports bill stood at $4,2 billion while exports amounted to $2,2 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.

South Africa was the biggest source market for imports with $210 million worth of products followed by Singapore with $81 million.