Zim Records Surplus of $32 Million in Trade With U.S

via Zim Records Surplus of $32 Million in Trade With U.S by Blessing  Zulu 21.11.2013 VOAZimbabwe

The United States Department of Commerce says in the three quarters of this year, Zimbabwe has recorded a trade surplus of $32 million in trade with America.

Economists have welcomed the development as the country continues to struggle to recover economically with the trade deficit, however, widening to more than three billion in the first eight months of the year.

According to the Zimbabwe National Statistics Agency (ZimStat), by August this year alone, Zimbabwe had imported goods worth more than $5 billion against more than $2 billion in exports.

Trade with U.S is improving though Washington introduced economic sanctions on Zimbabwe through the Zimbabwe Democracy and Economic Recovery Act of 2001 (ZIDERA).

Harare says this Act has crippled Zimbabwe’s economic recovery efforts. But the United States trade representative says Zimbabwe is currently ranked the U.S’s 168 largest goods trading partner in the world.

“Zimbabwe is currently our 168th largest goods trading partner with $106 million in total (exports plus imports) goods trade during 2012. Goods exports totaled $54 million; Goods imports totaled $53 million. The U.S. goods trade surplus with Zimbabwe was $1 million in 2012,” said the U.S trade representative.

U.S. goods exports to Zimbabwe in 2011 were $54 million, down 13.1% from 2011. Zimbabwe was the United States’ 142nd largest supplier of goods imports in 2012 and the U.S. goods trade surplus with Zimbabwe was $1 million in 2012, 89.9% less than in 2011.

Zimbabwe exports minerals such as iron and steel, nickel, spices, coffee, tea, tobacco, hides and skins to the U.S while Zimbabwe imports machinery, pharmaceutical products, vehicles, optic and medical instruments, and electrical machinery.

Confederation of Zimbabwe Industries president Charles Msipa told VOA Studio 7 the trade surplus is positive for Zimbabwe.

For more details on trade between Zimbabwe and U.S open this link: http://www.census.gov/foreign-trade/balance/c7960.html

 

COMMENTS

WORDPRESS: 7
  • comment-avatar

    Then why do politicians say there is an embargo against Zimbabwe? Just hogwash to hide their incompetencies!

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    Jrr56 8 years ago

    Zidera was never implemented, was nor needed the fools in Harare did it all own their own. Shows sanctions was a smoke screen!

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    Thought there was sanctions on Zimbabwe! Trade surplus to USA shows that the muppets running the country are lying again. Per conjecture but I do believe they don’t what sanctions removed otherwise they would have nothing to blame for their huge and glaring idiotcracy.

  • comment-avatar

    Thought there was sanctions on Zimbabwe! Trade surplus to USA shows that the muppets running the country are lying again. Per conjecture but I do believe they don’t want sanctions removed otherwise they would have nothing to blame for their huge and glaring idiotcracy.

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    Look East, buy and sell West! Sanctions? Lies and incompetence!

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    John P 8 years ago

    A very poor report.The first line says that Zim had a trade surplus of $32 million with the US for the first 3 quarters of this year. In fact the surplus was in favour of the US and Zim had a trade deficit of the same amount.

    Zim Stats on the other hand say that in much the same period Zim imported $5 billion and exported $2 billion, presumably this covers all countries not just the US so not a very happy picture after all.

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    Boss MyAss 8 years ago

    SURPLUS IN LOOTING