Zimbabwe reduces trade deficit

Zimbabwe managed to reduce its  trade deficit for the month of September 2019 compared to the previous  month by about US$14 million, latest trade data released yesterday shows.

According to the Zimbabwe National Statistics Agency (Zimstat), the country last month exported goods worth US$378,4 million against imports  of US$403,7 million and therefore suffered a deficit of US$25,3 million.

In August, the country recorded a trade deficit of nearly US$39 million  after buying goods from outside worth US$384,4 million against sales of  US$345,5 million.

In terms of the data, Zimbabwe exports a variety of goods to various  destinations among them the United Arab Emirates, Netherlands, China,  the United Kingdom and the United States.

The exports range from agricultural produce to minerals to art. The same countries are also major imports sources for local industry.

Zimbabwe has for long battled as trade imbalance and is in the process of implementing strategies aimed at reversing the trend through  encouraging value addition. — New Ziana.