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Wednesday, July 24, 2024

Tobacco and gold exports narrow import bill

Story by Stanley James, Business Editor

TOBACCO and gold have become key contributors to Zimbabwe’s economic growth trajectory after dominating exports which narrowed the country’s trade deficit by over 40 percent in February this year.

According to statistics released by the Zimbabwe National Statistics Agency (ZimStat), the country’s import bill declined to just above US$80 million from over US$170 million in January this year.

For the period under review, goods worth more than US$644 million were exported in February compared to more than US$500 million in January.

Imports were, however, marginally up at over US$720 million in February from US$680 million a month earlier.

The figures indicate a trade deficit decline of more than 40 percent.

Industrial supplies accounted for over 92 percent of the goods exported in February, followed by food and beverages, fuels and lubricants, capital goods, transport equipment and consumer goods.

Tobacco and gold were, however, among the top 10 commodities exported during the month under review.

Fuel and mineral oil products, machinery and mechanical appliances including cereals were also among the top 10 products imported during the same month.

South Africa, United Arab Emirates and China were the top three export destinations for Zimbabwe, accounting for over 79 percent of the total value of exports.

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