Zimbabwe trade deficit slightly down at $1.3 billion

Zimbabwe’s trade deficit narrowed by 5 percent to $1.3 billion in the first half of the year, after exports fell 9 percent, latest data from the Zimbabwe National Statistics Agency (Zimstat) shows.

Imports in the period to June amounted to $2.6 billion against $1.3 billion exports. In the same period last year, the country’s imports were $2.5 billion against exports of $1.1 billion, giving trade deficit of $1.4 billion.

Major exports included semi-processed gold worth $394 million, flue cured tobacco worth $251 million, ferrochrome worth $163 million, nickel ore and concentrates for $171 million, diamonds for $34 million and chromium ores and concentrates at $51 million.

Other exports included beef, agricultural produce as well as wines, minerals and scrap metal.

Imports included diesel ($394 million), unleaded petrol ($195 million), electricity ($89 million), crude soya bean oil ($52 million), among others.

Some of the imported products include fish, milk, cheese, sausage casings, sugar related confectionaries, biscuits, electrical energy, chemicals, vehicles and generators.

In 2016, Zimbabwe’s total exports fell 7 percent, to $3.37 billion from $3.61 billion the previous year while Imports declined by 11 percent to $5.35 billion from $6 billion in 2015.

In his 2017 budget review, Finance Minister Patrick Chinamasa said total imports are seen at $5.4 billion versus exports of $3.9 billion in 2017, giving $1.5 billion trade deficit. –The Source

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