Categories: Stories

Zimbabwe importing fresh water!

Zimbabwe’s trade deficit in the first nine months of the year stood at $2.6 billion as the economy continues to rely on imports on the back of weakening productivity.

Figures provided by the Zimbabwe National Statistics Agency (Zimstat) show that imports amounted to $4.65 billion between January and September while exports totalled $2 billion.

In the first six months of the year, the trade deficit stood at $1.8 billion.

According to Zimstat, top source countries for the imports included South Africa, China, Singapore, United Arab Emirates, Botswana, United Kingdom, India, Japan and Mozambique.

Major imports included dried fish, fresh water, milk and other related dairy products, crude oil, fuel, electrical energy, steel products and vehicle accessories.

The country’s major exports were minerals and a wide range of agriculture related products such as tobacco, tea and horticulture products.

Zimbabwe’s trade deficit continues to grow as the local industry’s struggles continue, functioning at 36 percent of capacity, incapacitated by lack of funding for retooling and unreliable power supply.

The Confederation of Zimbabwe Industries has said more than $2 billion is required to revive industry.

Finance Minister Patrick Chinamasa last month said government will introduce measures targetted at curtailing imports and encourage local production as well as exports.

“The influx of imports, thus, continues to undermine growth of the agricultural sector and recovery of the local industry,” finance minister Patrick Chinamasa said recently.

“The bulk of the imports are finished products, most of which are already produced locally.”

Sectors earmarked for support include motor industries, beverages, agricultural commodities, clothing industry, and leather industry.-The Source

(93 VIEWS)

Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

Recent Posts

To go or not to go- Mnangagwa in a quandary

Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…

November 25, 2024

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024