Mishma Chakanyuka, Staff Writer 
ZIMBABWE’S trade deficit increased by 23,4 percent to US$274,8 million in July, despite an increase in exports during the month.Zimbabwe is currently working to localise several value chains to reduce imports and promote value addition and benefits to optimise exports.
In June, the trade deficit was US$222,7 million.
According to ZimStats data, July 2024 exports amounted to US$548,3 million, a 4,6 percent increase from June 2024’s US$524 million.
Top exports included semi-manufactured gold, nickel mattes, and tobacco, accounting for 34,2 percent, 10,5 percent, and 8,7 percent of total export value, respectively.
“Among the country’s major export destinations in July 2024 were United Arab Emirates (37,1 percent), South Africa (27,0 percent), and Mozambique (9,7 percent),” ZimStats said.
“The three countries accounted for around 74 percent of the total export value of US$548,3 million.”
Imports for July totalled US$823,1 million, a 10,2 percent increase from June 2024.
Major imports included mineral fuels, mineral oils and products, cereals, machinery and mechanical appliances, and vehicles.
“The products constituted 19,4 percent, 13,4 percent, 10,2 percent and 7,0 percent of the total import value of US$ 823,1 million, respectively,” ZimStats said.
South Africa, China, Bahamas, and Mozambique were the primary source countries for imports in July 2024.
“The four countries accounted for around 68 percent of the total import value of US$823,1 million,” ZimStats said.
Meanwhile, Zimbabwe’s inflation rose for the first time since the introduction of the Zimbabwe Gold (ZiG) in April. The month-on-month inflation rate was 1,4 percent in August 2024, up 1,5 percentage points from July 2024’s -0,1 percent.
“This means that prices as measured by the all-items ZiG CPI, increased by an average of 1,4 percent between July 2024 and August 2024,” ZimStats said.
The Food Poverty Line (FPL) for one person in August 2024 was ZiG405,41. FPL represents the minimum money needed for daily energy intake. The Total Consumption Poverty Line (TCPL) for one person in August 2024 was ZiG631,86.
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