Zimbabwe's Imports Fall Due To Forex Shortages
The Zimbabwe National Statistics Agency (Zimstat) has released statistics showing that the country’s import bill has been falling over the past several months due to acute foreign currency shortages.
Between February and April 2019, Zimbabwe imported products valued $1,2 billion against exports worth $922 million, while during the same period in 2018, imported goods were valued at $1,8 billion with exports amounting to $964 million.
An economic commentator Peter Mhaka, who spoke to the Chronicle had this to say:
The decline in trade deficit is largely due to a shortage of foreign currency the country is facing.
People do not have forex to import as the situation remains tight particularly in the formal market. Unlike in the prior year and previous years, forex shortage was not tight as is the case right now.
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Zimbabwe’s main imports are goods meant for consumption purposes and top of the list are goods such as fuel, wheat and medical drugs.
The major foreign currency earning products include minerals such as gold, diamonds and ferrochrome, as well as tobacco.
