News / National
Zimbabwe trade deficit narrows to US$137,7 million
07 Dec 2024 at 13:14hrs | Views
Zimbabwe's trade deficit shrank to US$137.7 million in October 2024, marking a 34.3% decrease from the US$209.5 million recorded in September. This positive trend is attributed to a significant growth in exports and continued trade with key partners such as South Africa and the United Arab Emirates (UAE).
The latest data from the Zimbabwe National Statistics Agency (ZimStat) highlights a 21.4% increase in exports, which rose to US$698.1 million in October from US$575.0 million in September. Meanwhile, imports also grew by 6.6%, amounting to US$835.8 million, compared to US$784.4 million in the previous month.
"The October 2024 trade deficit for goods was US$137.7 million, translating to a 34.3% decrease from a deficit of US$209.5 million recorded in September 2024," said ZimStat Acting Director for Macro-Economics, Ms. Mable Chimhore, during the presentation of external trade statistics.
Zimbabwe's exports were dominated by semi-manufactured gold (42.4%), tobacco (17.5%), and nickel mattes (12.2%), reflecting the country's reliance on mining and agricultural products for foreign revenue.
On the imports side, mineral fuels accounted for 21%, followed by machinery and mechanical appliances (10.4%) and cereals (9.7%).
Key export destinations in October included South Africa and the UAE, while the major sources of imports were: South Africa (39.6%). China (13.8%). Bahamas (8.3%). Singapore (5.7%)
These four countries contributed approximately 67% of Zimbabwe's total import value.
Zimbabwe's narrowing trade deficit is credited to ongoing efforts by President Mnangagwa to enhance the visibility of local products in international markets. Through ZimTrade's robust export promotion campaigns, the country has successfully positioned its goods as high-quality offerings, attracting global buyers.
The improved trade figures reflect Zimbabwe's integration into global supply chains and the growing appetite for its exports in regional and international markets.
With semi-manufactured gold, tobacco, and nickel mattes leading export performance, the government is optimistic about sustaining this momentum by diversifying export portfolios and leveraging trade agreements.
Zimbabwe's trade performance underscores progress in balancing imports and exports, paving the way for economic growth through strengthened external trade.
The latest data from the Zimbabwe National Statistics Agency (ZimStat) highlights a 21.4% increase in exports, which rose to US$698.1 million in October from US$575.0 million in September. Meanwhile, imports also grew by 6.6%, amounting to US$835.8 million, compared to US$784.4 million in the previous month.
"The October 2024 trade deficit for goods was US$137.7 million, translating to a 34.3% decrease from a deficit of US$209.5 million recorded in September 2024," said ZimStat Acting Director for Macro-Economics, Ms. Mable Chimhore, during the presentation of external trade statistics.
Zimbabwe's exports were dominated by semi-manufactured gold (42.4%), tobacco (17.5%), and nickel mattes (12.2%), reflecting the country's reliance on mining and agricultural products for foreign revenue.
On the imports side, mineral fuels accounted for 21%, followed by machinery and mechanical appliances (10.4%) and cereals (9.7%).
Key export destinations in October included South Africa and the UAE, while the major sources of imports were: South Africa (39.6%). China (13.8%). Bahamas (8.3%). Singapore (5.7%)
These four countries contributed approximately 67% of Zimbabwe's total import value.
Zimbabwe's narrowing trade deficit is credited to ongoing efforts by President Mnangagwa to enhance the visibility of local products in international markets. Through ZimTrade's robust export promotion campaigns, the country has successfully positioned its goods as high-quality offerings, attracting global buyers.
The improved trade figures reflect Zimbabwe's integration into global supply chains and the growing appetite for its exports in regional and international markets.
With semi-manufactured gold, tobacco, and nickel mattes leading export performance, the government is optimistic about sustaining this momentum by diversifying export portfolios and leveraging trade agreements.
Zimbabwe's trade performance underscores progress in balancing imports and exports, paving the way for economic growth through strengthened external trade.
Source - The Chronicle
