Zim in $44,4m trade deficit with SA

ZIMBABWE recorded a $44,4 million trade deficit against its major trading partner, South Africa, after exporting goods worth $216,9 million to the neighbouring country in the month of February 2018, official figures have shown.

BY MTHANDAZO NYONI

Latest data from the Zimbabwe National Statistics Agency (Zimstat) shows that Zimbabwe exported goods worth $216,9 million to South Africa in February this year against imports of $261,2 million, giving a trade deficit of $44,4m.

During the same period in 2017, Zimbabwe recorded trade deficit of $14,2 million, with imports at $171,2m against exports of $185,4m.

South Africa is Zimbabwe’s largest trading partner.

In the period under review, the country’s exports included scrap metal, agricultural produce, beef, minerals as well as wines.

Zimbabwe’s imports from South Africa included vehicles, fish, sausage casings, biscuits, electrical energy, chemicals, disposable napkins, incontinence pads, and wooden furniture, among others.

Other notable trading partners in the period under review for Zimbabwe included Singapore, China, Japan, Mozambique, India, United Arab Emirates, Zambia and Mauritius.
Figures for December 2017 and January 2018 were not provided with Zimstat saying the Zimbabwe Revenue Authority, which is the source of merchandise trade data, failed to provide it.

But between January and November 2017, Zimbabwe’s imports totalled $4,93bn against $3,48bn, reflecting a trade deficit of $1,46bn.

Most of the imports in the 11 months of 2017 were consumptive products such as maize, fuel, rice, bottled water, sugar, soap, mobile phone handsets, electronics, vehicle spares, vehicles, generators and second-hand vehicles.

Presenting his 2018 national budget, Finance minister Patrick Chinamasa said notwithstanding signs of improvement in exports, the overall balance of payments situation remained under pressure, with foreign exchange availability to support domestic production constrained.


He said the economy’s import bill was still relatively high, with imports estimated to rise to $6,8 billion in 2017, from $6,4 billion in 2016.

“This is despite a sharp drop in food imports. Growth in imports is driven by increased demand for raw materials and equipment for the productive sectors of the economy, consistent with the pick-up in economic activity in 2017,” Chinamasa said.

“Such high levels of import dependency, relative to estimated exports of $4,6 billion for the year, imply continued foreign exchange imbalances, though trade statistics indicate narrowing of the trade balance.”

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11 Comments

  1. imports and exports. the confusion

    1. PEANUTS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  2. This should be a trade deficit of $44 million

  3. According to my understanding trade surplus is the amount by which the value of a country’s exports exceeds the cost of its import and for trade deficit the opposite is true. Hence, the writer, Chief Editor didn’t proof read their article or did a mistake when they captured the figures from Zimstats. Please can you produce news that is verified to avoid misleading the public, tarnishing the name of company in the corporate world.

  4. Edward Mtemeri

    How is it a surplus?

  5. oliver kambanga

    A country’s trade balance is the calculation of its exports minus its imports. A balance of trade surplus happens when the value of all exports exceeds the value of all imports. A balance of trade deficit is when the value of all imports exceeds the value of all exports.

  6. The Editor did not proof read the article, I would not be surprised if the facts came from Finance Ministry as presented on this article, Chinamasa is one of the worst finance ministers Zim has ever had. His duets with the other commerce dunderhead by the name Bimha are horribly disasterous…remember SI64 of 2016 which they had to rescind.

    1. This is private media saka don’t just blame ministry

  7. ???? can someone explain

  8. That’s why maybe we should consider relevant technocrats for the position of Finance Minister.Someone who truly understand Finance,economics and accounting.Not some lawyer!!
    Its better with Parirenyatwa as Health Minister,but now a medical doctor who does not value life seems to me like someone who has failed and must therefore resign.Striking doctors have genuine grievances,they are however less important than our chiefs and judges.It stinks.

  9. Asi bepa iri harina maeditor here. Isnt this a deficit not a surplus

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