adminZimbabwe’s widening trade deficit can be addressed through trade simplification and other regulatory easing mechanisms, an official has said. ZimTrade chief executive, Sithembile Priscilla Pilime said the trade body would be tackling these issues at its conference later this month as it is a fundamental area.“We shall be tackling impediments affecting the competitiveness of the country’s exports,” Ms Pilime said.
“The need for collective efforts to address the unsustainable trade deficit, which increased by 3,6 percent to$1,83 billion in the first six months of 2015 compared to the same period in 2014, cannot be over-emphasised.”
Government has sought to increase exports through a raft of measures which include incentivising those exporting processed products instead of raw minerals. The ZimTrade conference will focus on Trade Facilitation (Simplifying Export Processes) as well as on how the country could leverage on the Export of Services.
Over 200 stakeholders from existing and emerging exporters, Government, Industry lobby organisations, development cooperation partners and trade support institutions will attend this event. In recent years, Zimbabwe has run systemic trade deficits due to a decline in exports. The country is a net importer of fuel and capital goods. Main exports include tobacco, accounting for 23 percent of total exports, nickel 20 percent, diamonds and platinum and its main trading partners are South Africa and China. – New Ziana.
Online Reporter