Zim trade deficit narrows in May

Zimbabwe recorded a U$151 million trade deficit in May, representing a 23.8 percent improvement on the April figure which stood at US$198.2 million, the Zimbabwe National Statistics Agency (ZimStat) said on Friday.

ZimStat acting director general, Aluwisio Mukavhi said imports last month totalled US$734.1 million, which was an increase of 3.1 percent from US$711.7 million recorded in April, but exports in May went up 13.5 percent to US$583.0 million, compared to US$513.5 million the previous month.

Among the major source countries for imports in May were South Africa, which accounted for 41.4 percent, China which stood at 10.3 percent, Bahamas and Bahrain which were at 7.7 percent and 7.4 percent respectively.

The four countries, Mukavhi said, accounted for around 69 percent of imports.

“Among the country’s major export destinations in May 2024 were the United Arab Emirates, (43.9 percent), South Africa (28.1 percent) and Mozambique (9.2 percent). The three countries accounted for around eighty one percent of the total export value of USD583.0 million,” he said.

Mukavhi said among the top exports in May were semi-manufactured gold, which accounted for 42.5 percent, nickel mattes 12.6 percent, and nickel ores and concentrates which came in at 7 percent, while the main imports were mineral fuels, which accounted for 24.8 percent, machinery and mechanical appliances which stood at 11.2 percent, cereals 8.7 percent, and vehicles 8.1 percent. – New Ziana