adminHARARE – Zimbabwe imported more goods than it exported in the month of March 2018, incurring a trade deficit of $317 million, latest figures from the country’s statistics agency show.
The data from the Zimbabwe Statistics Agency (Zimstat) shows the country imported goods worth $606 million while exports amounted to $289 million.
Compared with the same period last year, the country’s trade deficit widened by $121 million from $196 million.
The data all but confirms that South Africa is the country’s leading trading partner accounting for nearly half of the exports as well as imports.
Singapore and Japan also featured as top import sources while the United Arab Emirates and Mozambique were among top markets for local products.
The country’s top exports during the month included minerals such as gold, ferrochrome and nickel ore concentrates as well as tobacco while imports were dominated by fuels – diesel and petrol as well as electricity, motor vehicle parts, soya bean oil.
To improve overall performance of the economy, Zimbabwe’s trade deficit is one of the major target that the new government has targeted at reversing through encouraging value addition of goods before export as well as increasing local production to substitute other imports. – New Ziana
Online Reporter