Zim import bill nears $10bn

HARARE - Zimbabwe’s import bill is set to reach $10 billion by year-end as imports continue to balloon against declining exports, economists have warned.

This comes as figures from Zimbabwe Statistics Agency (Zimstat) revealed that the country’s import bill increased to $9,6 billion in the past two-and-a-half years, reflecting industry’s continued reliance on foreign goods and services.

Zimstat noted that Zimbabwe incurred a $1,7 billion trade deficit between January and June this year.

South Africa, the economy’s biggest trading partner, accounts for more than 60 percent of the imports.

Denford Muronga, an independent economic analyst, said because of the growing import bill, the prevailing liquidity challenges are likely to persist throughout the year and possibly into 2015.

“Depressed receipts from foreign direct investment, weak export capacity and subdued donor support among other factors should see money supply growth on the economy remaining
constrained,” he said.

Ephraim Makara, also an economist, recently said reviewing Zimbabwe’s pricing model could increase domestic consumption and beef up local firms’ performance.

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.