In contrast, the USd month-on-month inflation rate was 0.1 percent, shedding 0.1 percentage points from the previous month.
On a year-on-year basis, the USd inflation rate was 15.0 percent in March last year. Meanwhile, the ZWG month-on-month inflation rate declined to -0.1 percent, a 0.6 percentage point drop from February this year.
The Food Poverty Line (FPL) for ZWG is 864.20 for one person in March, while the Total Consumption Poverty Line (TCPL) is 1 260.52 for one person during the same month, and the Producer Price Index (PPI) varied across different sectors, including agriculture and civil engineering.
Zimbabwe’s inflation trajectory reflects the impact of fiscal and monetary interventions as the country aims to contain inflation, with Finance and Economic Development Minister Professor Mthuli Ncube expecting annual inflation to average 166.7 percent this year.
Meanwhile, the country’s trade deficit has surged by 124.2 percent to US$217.7 million in February this year, compared to US$97.1 million in January, with the significant increase largely attributed to a 21.4 percent decrease in exports, which totalled US$512.6 million in February, down from US$652 million in January.
The country’s export sector is dominated by semi-manufactured gold, tobacco, and nickel mattes, which accounted for 42.3 percent, 15.8 percent, and 13.2 percent of total exports, respectively.
China, the United Arab Emirates and South Africa are the top export destinations, absorbing around 85 percent of Zimbabwe’s total export value.
On the import side, industrial supplies and capital goods made up 32.8 percent and 20 percent of total imports, respectively, with the top imported products include mineral fuels, machinery, cereals, and vehicles.
South Africa, China, Bahamas, and Singapore are the major source countries for imports, accounting for around 69 percent of the total import value of US$730.3 million.
The widening trade deficit has raised concerns about Zimbabwe’s economic stability, with experts pointing to the country’s reliance on mineral exports and the impact of global price fluctuations.
On a positive note, Zimbabwe recorded a significant increase in arrivals during the fourth quarter of 2024, with a total of 1 582 218 visitors entering the country, representing a 17.7 percent increase compared to the same period in 2023.
However, despite the overall increase in arrivals, the number of visitors from abroad actually decreased by 14 percent to 472 745 with 47.4 percent visiting the Southern African country on holiday.
African countries accounted for the majority (68.8 percent) of visitors during the fourth quarter of last year, with South Africa topping the list at 30.8 percent. The most popular mode of transport for visitors was road transport, with 77.9 percent of visitors entering the country by road.
The decline in visitor numbers from abroad may be a cause for concern for Zimbabwe’s tourism industry, which is a significant contributor to the country’s economy.
However, the overall increase in arrivals suggests that the country remains a popular destination for regional travelers.
New Ziana
