Trade deficit narrows to US$85,1 million

ZIMBABWE’S trade deficit narrowed by 56 percent in June to US$85,1 million from US$196 million recorded in May with South Africa and China maintaining exports and imports as top destinations, official figures show.

Latest data from the Zimbabwe National Statistics Agency (Zimstat) also reflects that the country during the period under review, recorded a 2,0 percent decrease in exports to US$641,3 million from US$654,2 million reported.

“The total value of exports in June 2023 was US$641,3 million representing a 2.0 percent decrease from US$654.2 million reported in May 2023. Total imports for June 2023 were US$726.4 million indicating a decrease of 14.6 percent from US$850.3 million reported in May 2023. The trade deficit for June 2023 was US$85,1 million. This represents a decrease of 56.6 percent from a deficit of US$196.0 million recorded in May 2023,” Zimstat said.

For the period under review, the main exports by broad economic category were industrial supplies (90.8 percent), fuels and lubricants at 4.1 percent.
In June, industrial supplies contributed US$582,5 million, fuels and lubricants (US$26,5 million), food and beverages US$ 16,9 million) while consumer goods contributed US$12,5 million.

In June 2023, the main imports by broad economic category were industrial imports (32,0 percent), capital goods (22,7 percent), fuels and lubricants (17,7 percent).

A total of US$223,7 million worth of goods were exported to South Africa, US$197,0 million to the United Arab Emirates while China and Mozambique accounted for US$52,7 million and US$38,5 million respectively.

On the import front, South Africa accounted for US$272,9 million, China (US$122,2 million) and US$57,3 million from Singapore.

In the period under review, main products exported were semi-manufactured gold (30,2 percent) and nickel mattes (17,1 percent). The main products imported, mineral fuels and mineral products accounted for 18,7 percent, while machinery and mechanical appliances had 14,9 percent.