The national statistics agency, ZimStat, has just released the latest trade data for December. Here are five quick facts about the state of trade: The gap between exports and imports widened in December. Zimbabwe exported goods worth US$590 million, 8.7% less than in November.
As a result, the trade deficit sharply increased to US$180.3 million in December from just US$37.1 million in November. Minerals still make up the bulk of Zimbabwe’s exports. In December, Zimbabwe’s main exports were gold, which accounted for 42.0% of exports, followed by nickel mattes – including platinum – at 18.3%, nickel ores and concentrates (13.4%), tobacco (9.8%), ferro-chromium (3.3%), platinum unwrought or in powder form (3.0%), skins and hides (1.7%).
South Africa is still Zimbabwe’s biggest trading data. But, in December, exports to UAE beat those to South Africa. Dubai accounted for 42.2% of exports, up from 22.4% in November.
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Exports to South Africa were 38.1% in December from 33.4% in November. This most likely reflects the emergence of Dubai as a major destination for Zimbabwean gold. In December, in total, Zimbabwe exported 4,417kg of gold valued at US$248.1 million, compared to 2,455kg valued at US$139.1 million in November.
Dubai has become the biggest buyer of gold from Africa. In September, the Dubai Gold & Commodities Exchange (DGCX) and the Victoria Falls Stock Exchange (VFEX) signed an MoU that may lead to the establishment of a gold market in Zimbabwe. Zimbabwe’s biggest import remains fuel and oils, which made up 21.5% of all imports, up from 18.9% in November.
Cars are still a major import, despite recent restrictions, accounting for 7.6% of all imports. Other major imports are pharmaceuticals (6.7%), fertilizer (6.1%), plastics (4.3%) plus animal and vegetable fats and oils (3.9%). In total, cereals accounted for 3.1% of imports, up from 2.6%.
Rice made up the bulk of cereal imports, at 2.7% from 1.7% in November. Government banned maize imports last year, and the trade data includes only maize contracts entered into before the ban. This month, government announced private buyers could now import maize again.
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