Zimbabwe’s trade deficit at $310mln in two months

Zimbabwe’s trade deficit at $310mln in two months

BULAWAYO, March 22 (The Source) – Zimbabwe’s trade deficit stood at $309,7 million in the first two months of 2017 after exports fell 7 percent as the country continues to rely on imported products, latest trade data from the Zimbabwe National Statistics Agency (Zimstat) shows.

Data released on Wednesday showed that imports in the first two months of the year stood at $808,8 million while exports amounted to $499,1 million.

Imports increased by 10 percent to $424 million from $385 million previously.

Exports, on the other hand, decreased by 7 percent to $240,5 million.

But Zimbabwe registered a trade surplus of $14 million against South Africa, its largest trading partner after imports were recorded at $171 million against exports of $185 million.

Some of the imported products include fish, milk, cheese, sausage casings, sugar related confectionaries, biscuits, electrical energy, chemicals, vehicles and generators.

Exports included beef, agricultural produce as well as wines, minerals and scrap metal.

In 2016, Zimbabwe’s total exports decreased by 7 percent, to $3.37 billion from US$3.61 billion the previous year. Imports also declined by 11 percent over the same period, to $5.35 billion from $6 billion in 2015.