Trade deficit with SA widens to $1 billion

Trade deficit with SA widens to $1 billion
Published: 30 September 2013
Latest statistics indicate that the trade gap between Zimbabwe and South Africa accelerated to over $1 billion in the first seven months of the year. South Africa is Zimbabwe's largest trade partner.

Official statistics from South Africa's department of trade and industry (DTI) show that while Africa's biggest economy exported more than R1.3 billion ($130 million, using the 1:10 exchange prevalent during most of the trading period) worth of goods in January, it only managed to import goods and services worth R222 million ($22 million) from Zimbabwe, yielding a negative trade balance of R1.1 billion or $110 million during the month.

Though exports to SA gradually improved and peaked to R301 million or $30 million in July, imports also continued soaring, climbing to R2.1 billion or $210 million in the same month.

The imbalance grew so wide that by the seven months to July, South Africa had exported goods worth R12 billion or $1.2 billion to Zimbabwe against imports to R1.8 billion or $180 million.

On the overall, the trade deficit for the period topped R10.2 billion or $1 billion, which is a quarter of the $3.6 billion debt that was realised by Zimbabwe in the year to December 2012.
- sundaymail
Tags: Tradedeficit,


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