Zimbabwe’s trade flows for the first eight months showed some improvements as the economy continues to respond to measures put in place to reduce the huge import bill.
Data released to the ZBC News by the Zimbabwe National Statistics Agency (Zimstat) showed that the country’s exports increased to more than US$1.13 billion between January and August this year.
Accordingly the country’s trade deficit contracted by 26.6 percent to US$1.34 billion between January and August 2017 compared to the US$3.33 billion the same period last year.
There was a huge decline of 62.8 percent in the August trade deficit to US$90 million compared to US$242 million in the same month last year, a move that translated into a foreign currency savings of US$486 million.
While Zimbabwe’s exports are still lower, economists Dr Albert Makochekanwa and Mr Ignatious Matungamire said there is need for increased export oriented policies to boost inflows.
Exports continue to be concentrated in South Africa, followed by Mozambique and the United Arab Emirates, while gold continues to be the main hard currency earner followed by tobacco, platinum, nickel, diamonds, and chrome among others.