March trade deficit more than doubles on February figures – ZimStat

Harare, (New Ziana) – Zimbabwe’s trade deficit more than doubled to US$184.3 million in March this year from US$84.6 the previous month, despite a decrease in imports and exports, the Zimbabwe National Statistical Agency (ZimStat) reported on Monday.

The report indicated that the country spent US$719 million on imports, a 1.5 percent decrease on the previous month’s US$729.9 million, while exports at US$534.7 million represented a 17.1 percent decrease on the February figure of US$645 million.

Industrial supplies comprised 91.9 percent of goods exported in March followed by fuels and lubricants at 3.1 percent, consumer goods at 2 percent, as well as food and beverages at 1.6 percent.

The industrial supplies included mainly semi-manufactured gold at 23.6 percent, nickel mattes, 16.1 percent and tobacco, 12.3 percent.

Mineral fuels and mineral oil products (21.4 percent), machinery and mechanical appliances (13 percent), cereals (8.6 percent) and vehicles (8.1 percent) were among the top 10 products imported during the same month.

South Africa (34.6 percent) remained the top export destination for goods from Zimbabwe closely followed by the United Arab Emirates (34.3 percent) and China (10.4 percent).

During the previous month, exports to SA stood at 28.8 percent while to
the UAE was 22.5 percent and China 27.5 percent.

The three countries accounted for around 79 percent of the total export value of US$534.7 million while other neighbouring SADC countries are showing a growing appetite for Zimbabwean goods.

Exports to Mozambique stood at 6.8 percent, a 0.2 percent decrease from the previous month while exports to Zambia grew to 2.4 percent, up from 1.7 percent the previous month.

Conversely, SA remained the major import source for Zimbabwe at 38.5 percent, a slight decrease from last month when the neighbouring country contributed 38.9 percent. Imports from other countries stood at 18.8 percent with Bahamas contributing 9.4 percent, Mozambique (3.9 percent), Zambia (3 percent). Other imports were from Bahrain (3.2 percent), UAE (2.4 percent).

Meanwhile, ZimStat reported that the ZiG consumer price index in April was 100 with the country having introduced the currency during the same month, making it the index reference.

“This means during the month of April 2024, there is no month-on-month and year-on-year inflation rates. The month-on-month inflation rates for the ZiG currency will be computed starting in May 2024 and going forward and year-on-year inflation rate will be computed in April 2025 and going forward, according in to the international recommended methods,” ZimStat said.

The month-on-month inflation rate for April 2024 was 0.8 percent, gaining 0.6 percentage points on the March 2024 rate of 4.9 percent, while the year-on-year inflation rate for the month of April 2024, as measured by the all-items Consumer Price Index (CPI) was 3.2 percent.

For April the CPI for food and non-alcoholic beverages had the highest contribution to the month-on-month change in index (inflation rate) of 1.3 percent followed by housing, water, electricity, gas and fuels with a contribution of 1 percent.

New Ziana