Zim reduces trade deficit in September

Harare, (New Ziana) – Zimbabwe managed to reduce its trade deficit for September 2019 compared to the previous month by about US$14 million, trade data released on Wednesday shows.

According to the Zimbabwe National Statistics Agency (Zimstat), the country last month exported goods worth US$378.4 million against imports of US$403.7 million and therefore suffered a deficit of US$25.3 million.

In August, the country recorded a deficit of nearly US$39 million after buying goods from outside worth US$384.4 million against sales of US$345.5 million.

In terms of the data, Zimbabwe exports a variety of goods to various destinations among them the United Arab Emirates, Netherlands, China, the United Kingdom and the United States.

The exports range from agricultural produce to minerals to art.

The same countries are also major imports sources for local industry.

Zimbabwe has for long battled trade imbalances, and is implementing strategies aimed at reversing the trend through encouraging export of value-added goods.

The strategy paid off in the first quarter of 2019 as Zimbabwe for the first time in a long time recorded a current account surplus of US$196 million.

High import bills, as opposed to earnings, have been the source of foreign currency shortages that have had a spill over effect on the rest of the economy as the government struggles to import critical inputs primarily electricity and fuel that keep industry going.
New Ziana