ZIMBABWE recorded $14.2 million trade surplus against its major trading partner, South Africa, after exporting goods worth $185.4 million to the neighbouring country in February compared to $171.2 million imports.
Latest data from the Zimbabwe National Statistics Agency (Zimstat) show that during the period under review, the country’s exports included scrap metal, agricultural produce, beef, minerals as well as wines.
Last month, Zimbabwe’s imports from South Africa included vehicles, fish, sausage casings, biscuits, electrical energy, chemicals, disposable napkins, incontinence pads, and wooden furniture.
Zimstat indicated that the country’s trade deficit in the first two months of the year was at $309.7 million as exports fell by about seven percent to $240.5 million from $258.7 million in January.
On the other hand, imports increased by 10 percent in February to $424 million compared to the previous month’s figure of $385 million.
In the first two months, the agency has indicated that the country had a trade deficit amounting to about $309.7 million as imports during the period under review stood at $808.8 million against exports of $499.1 million.
Since the liberalisation of the economy in February 2009, the country has been importing various goods across the globe as the economy was on a recovery path.
Over the years, the Government has been working on trying to reduce negative trade balance through a number of policy interventions including Statutory Instrument 64 of 2016, which was introduced last June.
And through SI 64/2016, which removes several goods from the Open General Import Licence, the Government has been able to restrict imports.
In the 2017 national budget, Finance and Economic Development Minister Patrick Chinamasa announced that the introduction of the five percent bond note export incentive through the Reserve Bank of Zimbabwe also proffers benefits for improved domestic production this year.