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ZIMBABWE managed to reduce its trade deficit for the month of September 2019 compared to the previous month by about US$14 million, latest trade data released yesterday shows.
According to the Zimbabwe National Statistics Agency (Zimstat), the country last month exported goods worth US$378.4 million against imports of US$403.7 million and therefore suffered a deficit of US$25.3 million. In August, the country recorded a trade deficit of nearly US$39 million after buying goods from outside worth US$384.4 million against sales of US$345.5 million.
In terms of the data, Zimbabwe exports a variety of goods to various destinations among them the United Arab Emirates, Netherlands, China, United Kingdom and the United States.
The exports range from agricultural produce to minerals and art. The same countries are also major import sources for local industry. Zimbabwe has for long battled trade imbalance and is in the process of implementing strategies aimed at reversing the trend through encouraging value addition.
The strategy paid off as Zimbabwe for the first time in a long time recorded its first ever current account surplus of US$196 million in the first quarter of 2019.
High import bills as opposed to earnings have been the source of foreign currency shortages that have had a spillover effect on the rest of the economy as Government struggles to import critical inputs primarily electricity and fuel that keep industry going. — New Ziana
Online Reporter