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Monday, September 26, 2022
HomeBusinessZim Narrows Trade Deficit

Zim Narrows Trade Deficit

The country significantly reduced its trade deficit during the month of July after a strong export performance which was complemented by weaker imports during the period, the Zimbabwe National Statistics Agency (Zimstat) latest trade figures show.

The value of total exports in July 2022 was US$549.7 million, signifying an increase of 1.62 percent from total export earnings of US$541.0 million in June 2022.

Imports decreased by 3.11 percent to US$729.6 million in July 2022, from US$753.1 million in June the same year.

Consequently, there was a decrease of 10.98 percent in the trade deficit from US$212.1 million in June 2022 to US$179.9 million in July 2022.

Major exports were semi manufactured gold which constituted 35.6 percent of total exports, nickel ores and concentrates (30.8%), Ferrochromium (7.4%), tobacco (7.1%), platinum (3.3%).

Imports mainly consisted of mineral fuels (19.2%), machinery and mechanical appliances (14.9%), vehicles (10.3%), articles of iron and steel (5.2%).

The latest data reflects the country’ s lack of value addition of its minerals which continues to feed into export destinations manufacturing sectors.

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