africa Economy export Finance Industry Trade Zimbabwe

Zimbabwe imports fall 13.3%

Zimbabwe’s import in the first half of the year has declined by 13.3 percent compared to the previous year.

Latest trade statistics shows that the country imported a total of $2.51 billion worth of goods in the first half of the year 2016 compared to $2.95 billion imported last year.

The decline in value of imports comes after Government recently introduced legislation to restrict the importation of certain products.

The value of exports over the same period also declined in the first half of this year to $1.126 billion from the $1.233 billion the previous year.

Current statistics show that trade balance, stood at a negative $1.403 billion in the half year against a negative $1.684 billion in the same period last year.

The Southern African country imported goods worth about $6 billion last year while it exported only $3.5 million, creating an unsustainable negative trade balance.

Zimbabwe relies on imported products for the bulk of goods consumed in the country at a time local production is low.

Domestic industries in the country is finding it difficult to raise production and compete favorably with cheaper foreign products.

According to the confederation of Zimbabwe industries 2015 manufacturing survey report, average capacity utilization is at 34 percent.

Source: Africa News

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