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Wednesday, June 7, 2023

Zimbabwe’s trade deficit narrows by US$126 million

Story by Stanley James, Business Editor

Zimbabwe is reaping the benefits of increased manufacturing of consumer goods after saving more than US$126 million on imports in November this year, data from the Zimbabwe National Statistics Agency has shown.

The trend means Zimbabwe retained more hard currency in the economy during the period under review.

Interestingly, it is the drop in imports for consumer goods that has been described by economists as a reflection of manufacturing sector growth.

Mr Luxon Zembe, an economist said, “The trend is just exciting and it is the need to continue focusing on workable mechanisms aimed at consolidating the current trend for the benefit of the economy.”

Another economist, Mr Ignatious Matungamire noted, “There is that need to focus on product beneficiation and ensuring that the nation is in a position to sustain the trend in the long term.”

The leading export commodity was gold followed by agro-processed goods and industrial supplies, while on the import front, industrial products dominated followed by capital goods, among others.

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