First quarter imports in Zimbabwe outstrip exports as there is a trade deficit of almost 700 million dollars. During the first three months of the year, the country’s exports were $723,8 million against imports of $1,3 billion.The nation has been continuously trying to implement various policies to curb imports and increase exports hence an export led growth economy. Some economists have put forward a view that the country needs to continue adopting policy that addresses the large trade deficit. Controlling imports give local companies a competitive advantage. Statutory instrument 64 removes a range of products (40) from the open general import license. VP Munangagwa reported that this has yielded positive results with import savings of up to $1 billion. Zimbabwe has since 2009 become a net importer of goods but now the government is advocating for inhouse production.
More: Chronicle
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