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Enacy Mapakame: Business Reporter
ZIMBABWE recorded a trade deficit of $1,82 billion for the eight months to August 2016, as imports made up mainly of consumption goods continue to outstrip exports. According to the Zimbabwe National Statistics Agency, the country imported goods worth $3,329 billion for the period under review, against exports of $1,507 billion.Notably, imports grew to $443 million in the month of August from July’s $394 million albeit Government measures to limit importation of certain goods to prop up local production.
However, exports improved 10 percent from July’s $183 million to $202 million in August.
Exports for the period were dominated by gold, nickel, diamonds, flu-cured tobacco and other agriculture related products.
Top imports for the period were petrol, soya beans, crude soya beans, oil cake, electrical energy and medicines.
In August alone, the country imported diesel worth $69 million and maize worth $34 million.
According to the figures, South Africa remains the country’s top trading partner.
The neighbouring country accounted for $1,181 billion of Zimbabwe’s exports in the eight months under review.
Zimbabwe imported goods worth $1,326 billion from South Africa for the period leaving a trade imbalance of $145 million.
Economists say the country’s trade deficit may continue in the absence of quick mechanisms to stimulate industrial activity and enhance production.
Online Reporter