Zimbabwe trade deficit narrows 27pct in 8 months

Zimbabwe trade deficit narrows 27pct in 8 months

BULAWAYO, September 27 (The Source) — Zimbabwe’s trade deficit narrowed by 27 percent to $1,3 billion in the first eight months of the year, after exports increased by 48 percent, latest trade data from the statistics agency shows.
Between January and August, imports amounted to $3,6 billion while exports trailed at $2,2 billion, giving trade deficit of $1,3 billion.
During the same period last year, the country’s imports were $3,3 billion against exports of $1,5 billion, giving trade deficit of $1,8 billion.
Finance Minister Patrick Chinamasa has forecast a $1,5 billion trade deficit for 2017.
Major exports in the period under review included semi-processed gold worth $573 million, flue cured tobacco worth $345 million, nickel mattes $344 million, nickel ores and concentrates worth $235 million and ferrochrome worth $211 million.
Imports included diesel ($540 million), unleaded petrol ($255 million), electricity ($124 million), durum wheat ($63 million), among others.
Zimbabwe’s reliance on foreign manufactured goods remains high despite government measures to control imports as the local industry remains in the doldrums.