22 January 2018
   
Kasukuwere begs ED for forgiveness: official
Chinamasa to divert wages to devolution
Dump Mugabe regalia, Zanu PF official
Mugabe exploited my illiteracy: Mujuru
Engineers group to expose fake degrees
Grandpa, 83, says minor pestered him for sex
Poet poses as Zimra officer, blows $35k
Chocked as 2kg's of cocaine tested in court
MORE NEWS
Gemmology center in Mutare soon
NRZ loss as gold miners damage rail line
MORE BUSINESS
Unpaid Mr ugly reports sponsors to ZRP
Zim author releases new book in USA
MORE SHOWBIZ
Anger as Dembare approach City player
Cricket: ICC clears Zimbabwe's Vitori
MORE SPORTS
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
Zim's trade deficit at $2,6 billion after Q3
16/10/2014 00:00:00
by The Source
 
Imports hurting local industry ... Patrick Chinamasa
 
RELATED STORIES
Restore confidence, IMF tells govt
Zim misses out as SADC booms
‘Suicidal policies’ put investors off Zim
Hands on ZimAsset deck post-congress
Biti: Zim heads for economic lockdown
Lack of political will hampers investment

ZIMBABWE’S trade deficit in the first nine months of the year stood at $2.6 billion as the economy continues to rely on imports on the back of weakening productivity.

Figures provided by the Zimbabwe National Statistics Agency (Zimstat) show that imports amounted to $4.65 billion between January and September while exports totalled $2 billion.

In the first six months of the year, the trade deficit stood at $1.8 billion.

According to Zimstat, top source countries for the imports included South Africa, China, Singapore, United Arab Emirates, Botswana, United Kingdom, India, Japan and Mozambique.

Major imports included dried fish, fresh water, milk and other related dairy products, crude oil, fuel, electrical energy, steel products and vehicle accessories.

The country’s major exports were minerals and a wide range of agriculture related products such as tobacco, tea and horticulture products.

Zimbabwe’s trade deficit continues to grow as the local industry’s struggles continue, functioning at 36 percent of capacity, incapacitated by lack of funding for retooling and unreliable power supply.

The Confederation of Zimbabwe Industries has said more than $2 billion is required to revive industry.

Finance Minister Patrick Chinamasa last month said government will introduce measures targetted at curtailing imports and encourage local production as well as exports.

“The influx of imports, thus, continues to undermine growth of the agricultural sector and recovery of the local industry,” Chinamasa said recently.

“The bulk of the imports are finished products, most of which are already produced locally.”

Sectors earmarked for support include motor industries, beverages, agricultural commodities, clothing industry, and leather industry.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker