Ayesha Nyanzunda
Zimbabwe’s goods trade deficit surged by 23.4% in July 2024, reaching USD 274.8 million, up from USD 222.7 million in June 2024, according to the latest report from the Zimbabwe National Statistics Agency (ZimStat).
ZimStat’s External Trade Report for July 2024 highlighted the increase.
“Zimbabwe’s goods trade deficit for July 2024 was USD 274.8 million, a 23.4% increase from the June 2024 deficit of USD 222.7 million.”
A trade deficit occurs when a country’s imports exceed its exports within a specific period, whereas a trade surplus is when exports surpass imports.
In July 2024, Zimbabwe’s exports totaled USD 548.3 million, reflecting a 4.6% increase (USD 24.3 million) from the June figure of USD 524.0 million. On the other hand, imports for the month rose to USD 823.1 million, a 10.2% increase (USD 76.3 million) from June’s imports of USD 746.7 million.
The country’s primary export destinations in July were the United Arab Emirates (37.1%), South Africa (27.0%), and Mozambique (9.7%), collectively accounting for around 74% of the total export value.
On the import side, South Africa (42.7%), China (14.2%), Bahamas (6.3%), and Mozambique (5.1%) were the major source countries, contributing to approximately 68% of the total import value.
Among the top ten products exported in July 2024 were semi-manufactured gold, nickel mattes, and tobacco (partly or wholly stemmed/stripped), which accounted for 34.2%, 10.5%, and 8.7% of the total export value of USD 548.3 million, respectively.
The top imported products in July 2024 included mineral fuels and oils, cereals, machinery and mechanical appliances, and vehicles, which constituted 19.4%, 13.4%, 10.2%, and 7.0% of the total import value of USD 823.1 million, respectively.