Rise In Tobacco Exports Narrows Zim Trade Deficit

The Reserve Bank of Zimbabwe (RBZ) has revealed that Zimbabwe’s negative trade balance narrowed in August, falling 42 per cent to $127,2 million. This has been attributed to growth in exports, particularly tobacco exports which grew 94 per cent. The mining industry also contributed to the narrowing of the trade deficit with gold exports which grew 35,5 per cent, nickel matte rose 28 per cent and nickel concentrates which grew 28,7 per cent. In a statement the RBZ said

Merchandise exports rose to $449,3 million in August 2018, representing a 32,03 per cent increase, compared to $340.3 million registered in July 2018.

The surge in exports was attributed to good export performance of flue-cured tobacco (94,4 percent); gold (35.4 percent); nickel mattes (28,0 percent); and nickel ores and concentrates (28,7 percent).

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