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Buy Zimbabwe lauds narrowing trade deficit

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Buy Zimbabwe Chairman Munyaradzi Hwengwere has hailed the promising trend in Zimbabwe’s import-export trade data, emphasizing the importance of striving towards a trade surplus for the nation’s economic prosperity. This commendation follows a report by the Acting Director at Zimbabwe National Statistics Agency, Grown Chirongwe, detailing significant shifts in trade dynamics for February 2024.

According to the report, the total value of exported goods in February 2024 surged to US$644.0 million, marking a substantial 19.3% increase from the preceding month’s figure of US$539.9 million. Conversely, imports for the same period amounted to US$725.4 million, reflecting a more modest but still notable 5.6% rise from January’s recorded imports of US$686.9 million.

Despite the continued presence of a trade deficit, February 2024 saw a noteworthy improvement as the deficit narrowed to US$81.4 million. This reduction represents a striking 44.6% decrease from January’s deficit of US$147.0 million, underscoring a positive trajectory towards equilibrium in trade balances.

Hwengwere underscored the significance of this trend, attributing it to concerted efforts towards bolstering local production and prioritizing domestically manufactured goods. He reiterated Buy Zimbabwe’s longstanding advocacy for intentional programs aimed at promoting local industries and reducing dependency on foreign imports.

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Hwengwere emphasized that achieving a trade surplus, where exports surpass imports, is crucial for Zimbabwe’s economic independence and long-term prosperity, aligning with President Mnangagwa’s vision for the nation’s economic growth by 2030.

“This is a struggle, an economic freedom struggle that is important for all of us,” remarked Hwengwere, urging continued commitment from both the government and private sector towards realizing a sustainable trade surplus.

The Buy Zimbabwe chairman’s remarks reflect a sentiment of cautious optimism, acknowledging the challenges ahead while lauding the progress made in narrowing the trade deficit. As Zimbabwe navigates its economic landscape, the focus on promoting local industries and fostering self-sufficiency remains paramount in achieving enduring economic stability and prosperity.

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