Zim's trade deficit with SA stands at $681m

Harare - Zimbabwe’s trade deficit with South Africa amounted to US$681m as at September 30 2014, figures from the Zimbabwe Statistical Office (Zimstats) have shown.
 
According to Zimstats figures seen by Fin24, imports from South Africa amounted to $1.994bn while exports to South Africa totalled $1.313bn. Zimbabwe’s exports to South Africa are however dominated by mineral exports.
 
Overall, Zimbabwe’s trade deficit in the year to December stood at $2.4bn after imports of $4.6bn and exports of $2.0bn.
 
Zimbabwe is now more of a trading economy, with the capacity utilisation for the manufacturing sector in 2014 falling to 36.1% from 39.6% last year.

READ: Low demand hits Zim manufacturing sector

According to the latest survey by the Confederation of Zimbabwe Industries, manufacturers in Zimbabwe have to grapple with competition from South African and Chinese imports which contribute 70% of total imports.
 
“The survey results showed that 40% of the competition within the manufacturing sector has been coming from South Africa."

 - Fin24