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[Ferro-Alloys.com]South Africa has remained Zimbabwe’s largest trading partner in the month of December 2015 with goods such as tobacco and minerals topping the export list by the later, statistics released by ZimStat show.
For the greater part of 2015 the Southern African country emerged Zimbabwe’s biggest trading partner.
According to the agency South Africa imported goods and services worthy $2,3 billion and recorded exports of $1, 92 billion to Zimbabwe.
Overall, figures from ZimStat show that the country imported $6 billion worth of goods in the year to December from $6, 37 billion compared to 2014. In 2014, the country imported products worth $7, 15 billion down from $7,48 billion the previous year.
An economist said, “The continuous depreciation of the rand is a major problem as far as imports are concerned. It explains why imports continue to flood the Zimbabwe market despite the strategic measures to curtail them through higher customs duty and campaigns such as buy Zimbabwe among others.”
Products leading the export receipts include flue cured tobacco $827, 73 million gold $630, 5 million, diamonds $156 58 million (much lower than projected $600 million) and ferrochrome $157.94 million.
Other products include frozen water fish worth $11.87 million $17.8 million black tea, cane sugar $95.95 million and cigarettes $10.5 million. The country also exported $10.35 million worth of collections and collector’s pieces of zoological interest as Government continues its effort to export animals especially to the Asian countries.
In 2015,exports amounted to $2,7 billion resulting in a trade deficit of $3,29 billion, a marginal drop from $3,3 billion recorded for 2014.A decline in global mineral prices is largely attributed the drop in earnings from minerals. The lift on the ban on chrome exports, was widely speculated to boost trade balance figures but however this did not materialize.
On the import list petrol is leading at $465, 73 million followed by diesel at $918, 7 million. Because of drought agricultural products also dominated the list, maize $164, 51 million, wheat $99, 98 million, crude soya bean oil and ammonia nitrate $31, 05 million.
The pending drought is expected to increase the import bill during the course of the year.
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- [Editor:Sophie]
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