Zimbabwe import bill drops

Zimbabwe spent US$400 million in importing foreign products in the month of January 2016.

The figure represents a 17 percent drop in the value of imports from the December 2015 figure.

Information released by the Zimbabwe National Statistics Agency (ZIMSTAT) shows that Zimbabweans imported goods worth US$400 million in January compared to US$482 million in December last year.

The trend indicates a 17.3 percent drop in the monthly import bill.
Zimbabwe, however, incurred a trade deficit of US$150 million in January this year compared to US$252 million in the same month last year.

The imports for the month under review were also 30 percent down compared to US$519 million worth of goods and services purchased from external markets in January last year.

Exports for January were at US$249 million compared with US$220 million for December 2015 reflecting an 11.64 percent gain.

The Minister of Finance and Economic Development Patrick Chinamasa has in the past 10 months introduced a raft of measures to reduce the ever rising import bill.

Some of the policies include a ban on the importation of second hand clothes and shoes, a more than 35 percent increase in surtax on imported second hand cars as well as the reduction of the travellers' rebate from $300 to $200.