Business / Economy
Zimbabwe, South Africa trade deficit widens
20 Jul 2011 at 04:45hrs | Views
Zimbabwe's trade deficit with South Africa increased more than seven-fold over the past four years to hit R13,6 billion last year, according to a report by the ministry of economic planning and investment promotion.
Last year, the country exported goods worth R1,3bn to South Africa, while importing R15,1bn worth of goods, Zimbabwe's Herald Online reported on Wednesday.
Zimbabwe in 2007 imported R1,9bn worth of goods from South Africa, and the deficit between the two trade partners widened to date to around R13,6bn.
This factor had been accentuated by the fact that Zimbabwe's exports to South Africa had largely declined over the last few years.
Statistics showed that South Africa, which used to account for 22 percent of Zimbabwe's exports in 2005, declined to 14 percent by the end of last year. On the other hand, the South African market was the Zimbabwean industry's main supplier of most key requirements from retail products, raw materials and loans.
Zambia continued to top Zimbabwe's export destinations in the Southern African Development Community region at around 30 percent of the country's overall export volumes.
The data showed that South Africa was currently in fourth position (down from second) in terms of Zimbabwe's export destinations in the Sadc region.
Last year, the country exported goods worth R1,3bn to South Africa, while importing R15,1bn worth of goods, Zimbabwe's Herald Online reported on Wednesday.
Zimbabwe in 2007 imported R1,9bn worth of goods from South Africa, and the deficit between the two trade partners widened to date to around R13,6bn.
This factor had been accentuated by the fact that Zimbabwe's exports to South Africa had largely declined over the last few years.
Statistics showed that South Africa, which used to account for 22 percent of Zimbabwe's exports in 2005, declined to 14 percent by the end of last year. On the other hand, the South African market was the Zimbabwean industry's main supplier of most key requirements from retail products, raw materials and loans.
Zambia continued to top Zimbabwe's export destinations in the Southern African Development Community region at around 30 percent of the country's overall export volumes.
The data showed that South Africa was currently in fourth position (down from second) in terms of Zimbabwe's export destinations in the Sadc region.
Source - Sapa
