daniel chigunweOliver Kazunga
Senior Business Writer
ZIMBABWE’S trade deficit declined by 27,7 percent to US$198,7 million in August this year from the previous month’s rate of US$274,9 million, official data show.
ZimStat, the country’s trade promotion and development agency, in a report released last week indicated that total value for exports in August stood at US$674 million while the value of imports stood at US$872,8 million.
In July, the total value of exported goods stood at US$548,3 million while imports totalled US$823,2 million.
“The August 2024 trade deficit for goods was US$198,7 million, translating to a 27,7 percent decrease from a deficit of US$274,9 million recorded in July 2024.
“Imports for August 2024 amounted to US$872,8 million, an increase of six percent from US$823,2 million recorded in July 2024,” said the agency.
Among the top 10 products exported in August 2024 were semi-manufactured gold (37,9 percent), tobacco (13 percent) and nickel mattes (9,8 percent).
During the month under review, Zimbabwe’s major exports were also dominated by ferrochrome and coal.
Zimbabwe’s major export destinations in August were the United Arab Emirates (38,9 percent), South Africa (25,4 percent) and China (8,9 percent) and ZimStat indicated that the above three countries accounted for around 73 percent of the total export value.
Of late, the UAE has risen to become a significant trading partner for Zimbabwe with the country exporting minerals and horticultural products to that Asian nation.
Prior to 2017-2018, UAE did not even feature in the top 10 export destinations for Zimbabwe products.
“Among the major source countries for imports in August 2024 were South Africa (41,4 percent), China (14,9 percent), Mozambique (5,4 percent) and Bahamas (4,7 percent).
“The four countries accounted for around 66 percent of the total import value of US$872,8 million,” said ZimStat.
In August, the country’s imports were dominated by mineral fuels, mineral oils and products, machinery and mechanical appliances, cereals, vehicles, and animal or vegetable fats and oils.
Underpinned by the National Development Strategy 1 (NDS1), ZimTrade — the country’s trade promotion and development body is seeking to improve total exports by at least 10 percent per annum to US$14 billion by 2030.
Last year, Zimbabwe’s total value of exported goods grew by nearly 10 percent to US$7,2 billion from US$6,59 billion realised over the same period in 2022.
Bongani Ndlovu