According to data provided by the Zimbabwe National Statistics Agency (Zimstat), the country’s trade deficit for the first three months of the year stands at over $700 million. The country’s exports stood at $723,8 million which was dwarfed by imports of $1,3 billion.
Imports have also been increasing every single month with figures of $384,78 million for January $424,4 million for February and $529 million for March. On the other hand, exports have been going down in the same period starting from $258,7 million in January to $240 million in February and $255 million in March.
BancABC group economist Mr James Wadi said:
With legal frameworks such as Statutory Instruments 64 of 2016, it does not automatically mean the reversal of imports lowering them than exports. Such a policy means giving local business a chance to survive by controlling the level of imports into the country.
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