Exports decline in November, says ZimStat

EXPORTS declined by 18,1 percent to US$681,4 million in November last year from US$831,9 million reported in October, latest figures from ZimStat show.

The agency said industrial supplies comprised 93,2 percent of the goods exported in November.

Among the country’s top 10 export products in November, ZimStat said tobacco, semi-manufactured gold and other mineral substances accounted for 31,1 percent, 17,1 percent and 15,6 percent of the total exports value of US$681,4 million respectively.

“The total value of exported goods in November 2023 was US$681,4 million, representing an 18,1 percent decrease from US$831,9 million reported in October 2023,” said ZimStat.

“Among the country’s major export destinations in the period under review were China (32,3 percent) South Africa (22,5 percent) and the United Arab Emirates (19,6 percent).”

According to ZimStats, the three countries accounted for around 75 percent of the exports value of US$681,4 million.

For October, the total value of exports was US$831,9 million of which exports to China constituted 36,3 percent.

Boasting of the world’s largest population, a growing middle and upper class, China has been one of Zimbabwe’s most faithful friends investing billions in key sectors of the economy such as mining and agriculture.

Last year, trade between Zimbabwe and China surged 29,2 percent year-on-year to a record high of US$2,43 billion.

“Goods imported in November 2023 comprised industrial supplies followed by fuels and lubricants which accounted for 19,4 percent. Among the major source countries for imports in November were South Africa (39,3 percent), China (11,3 percent), Bahrain (8,4 percent) and Bahamas (5,1 percent). The four countries accounted for around sixty-four percent of the total import value of US$827,3 million.”

Mineral fuels and mineral oil products contributed 20 percent of the imports, machinery and mechanical appliances 10,5 percent, vehicles 7,9 percent and cereals 7,3 percent.

The November 2023 trade deficit for goods was US$146 million translating to a 107,2 percent increase from a deficit of US$70,5 million recorded in October 2023.

A trade deficit occurs when a country’s value of imports is greater than that of exports in a given period. When the value of exports exceeds the value of imports, it implies a trade surplus.

Meanwhile, ZimStats noted that the month-on-month inflation rate for December was 4,7 percent, gaining 0,2 percentage points on the November 2023 rate of 4,5 percent.

The year-on-year inflation rate for the month of December 2023 as measured by the all-items Consumer Price Index (CPI), was 26,5 percent.

“For the month of December 2023, the CPI for food and non-alcoholic beverages had the highest contribution to the month-on-month change in index (inflation rate) of 2,7 percent followed by housing, water, electricity, gas and other fuels with a contribution of 1,6 percent,” said the statistics agency. —-chronicle