Zimbabwe retains trade surplus against China as Russia becomes second largest import source

Zim Now Writer

Statistics released by the Zimbabwe National Statistics Agency for October show Zimbabwe gaining trade surplus in trade with China.

While Zimbabwe exported almost US$320 000 worth of goods accounting for 38.4% of total exports, the country imported goods worth around US$107 000 accounting for 11.9% of total import value in the period.

Trade against Zimbabwe’s biggest import source, South Africa, remains hugely skewered towards the southern neighbour’s favour.

Zimbabwe imported 34.7% of its goods worth US$313 000 from South Africa and exported US$135 600 to the same country which accounted for 16.3% of the total export value.

South Africa is the third largest destination for Zimbabwean exports with the United Arab Emirates placed second and accounting for 22.8% in the period under review.

With China in first place, the three countries accounted for around seventy-seven percent of the total export value

South Africa remains Zimbabwe’s biggest imports source accounting while the Russian Federation accounted for 15.2% moving China to third place.

The three countries were the source of 62% of Zimbabwe’s total import value in October 2023.

While exports leapt up by 22.7% compared to September, the   US$831.9 million, value still resulted in a trade deficit against the import bill of US$901.5 million.

But the US$69.6 million trade deficit declined 26.4% decline from the US$94.6 million recorded in September 2023.

Industrial supplies dominated imports while tobacco and minerals dominated the export markets.