Zim narrows trade deficit to $614m in Q1
ZIMBABWE recorded a trade deficit of $614 million in the first three months to March, an indication the country continues to rely on foreign-produced goods in spite of government efforts to halt the tide, latest trade data from the national statistics agency shows. In the same period last year, the trade deficit stood at $685 million.Information released by the Zimbabwe National Statistics Agency showed that imports to March amounted to $1,3 billion against $724 million exports, which remain heavily skewed towards consumptive products. In the same period last year, the country’s imports were $1,3 billion against exports of $617 million. Most of the imports in the first quarter of 2017 were consumptive products such as maize, rice, bottled water, sugar, soap, cellphone handsets, electronics, vehicle spares, vehicles, generators and second hand vehicles. The exports in the period under review included beef, tobacco and other agricultural produce, as well as wines, minerals and scrap metal.
Comesa establishes regional livestock hub
THE Common Market for Eastern and Southern Africa (Comesa) has established a regional livestock hub, which will operate as a network of stakeholders interested in and committed to improving the institutional environment at regional level in order to have effective and efficient animal health, welfare, livestock trade and production services. This development comes at a time Zimbabwe is set to introduce command livestock programme which is set to boost the national herd. According to the Comesa quarterly report, the regional hub was launched last month in Mauritius after a livestock forum. During the two-day meeting, the delegates critically reflected on potential responsibilities and contributions of the hub in the development of the livestock sector in Comesa and an action plan. Comesa said the action plan included the steps to formalise the hub as a tool for livestock development within the 19-member Comesa region including Zimbabwe.
Meet international standards, Zim producers urged
Local players have been urged to produce goods that can be traded on regional and continental markets for the country to fully participate in the global arena.The Minister of Finance and Economic Development, Cde Patrick Chinamasa, who is attending the World Economic Forum on Africa said exports had the potential to aid economic growth. Minister Chinamasa said the forum would give Zimbabwe a platform to understand opportunities it can exploit to promote regional and continental participation. “The government would prioritise sectors that promote economic growth. We have been giving incentives to the agriculture sector which is the backbone of the economy in order increase output. Good agriculture yield has ripple effects to other sectors of the economy primarily transport and manufacturing. Also, through exports, the country would create foreign currency,” Minister Chinamasa said.
Embrace COMESA competition rules, Zim industry urged
Zimbabwe’s industry is being called upon to embrace COMESA competition rules to increase their market share in the regional trading bloc. The COMESA market presents opportunities for local industries to increase their market share, but lack of relevant information on the set regulations is hindering efforts by companies to either acquire strategic firms in the region or setting up investments. Competition and Tariff Commission of Zimbabwe (CTC) Senior Economist, Ms Calistar Dzenga told the ZBC News that local firms will meet in May for a conference meant to provide them with certain guidelines, rules and regulations on mergers, acquisitions, investments and trade in the region.