Zimbabwe trade deficit narrows to US$137,7 million
ZIMBABWE’S trade deficit narrowed to US$137,7million in October 2024, representing a 34,3 percent decrease from US$209,5 million recorded in September 2024 with South Africa and the United Arab Emirates (UAE) continuing to be the top export destinations, official figures show.
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.
The latest data from the Zimbabwe National Statistics Agency (ZimStat) also reflects that the country during the period under review, recorded a 21,4 percent export increase to US$698,1 million from the October 2024 value of US$575,0 million.
“The October 2024 trade deficit for goods was US$137,7 million, translating to a 34,3 percent decrease from a deficit of US$209,5 million recorded in September 2024,” said ZimStat acting director for macro-economics, Ms Mable Chimhore, during a recent external trade statistics presentation.
“Imports for October 2024 amounted to US$835,8 million, an increase of 6,6 percent from US$784,4 million recorded in September 2024.”
The narrowing trade deficit comes at a time when Zimbabwe is becoming more integrated in global supply routes, with new markets presenting export opportunities for local products and services.
According to the national trade development and promotion body, ZimTrade, buyers across the world are now looking at Zimbabwe as a source market, with Zimbabwean products gaining mileage due to high quality.
The growing appetite for Zimbabwean goods follows a robust campaign by President Mnangagwa to increase the visibility of local products in regional and international markets.
With the current approach to economic diplomacy, several export promotion activities have been undertaken in recent years by ZimTrade.
ZimStat indicates that, among the top ten products exported in October 2024 were semi-manufactured gold constituting 42,4 percent, tobacco, 17,5 percent and nickel mattes 12,2 percent.
Also, on imports, mineral fuels constituted 21 percent, machinery and mechanical appliances 10,4 percent, and cereals 9,7 percent.
“Among the major source countries for imports in October 2024 were South Africa (39,6 percent), China (13,8 percent), Bahamas (8,3 percent) and Singapore (5,7 percent).
“The four countries accounted for around 67 percent of the total import value of US$835,8 million,” said Ms Chimhore.-chrncile
