Zimbàbue: Visió econòmica i política
The Zimbabwean Government is generally open to foreign trade, which accounts for 30.6% of its GDP, according to the latest World Bank estimates. In the context of economic and regional integration, the country has strengthened its ties with the SADC (Southern African Development Community) member countries and levies lower duties on imports from such countries. However, the strict control on trade exercised by the Government and the relatively high customs duties, make the country difficult to access. There are other barriers that continue to impact trade such as the lack of long-term economic and political reforms, state control over companies, insecurity and a lack of skilled labour forces. The country mainly exports nickel (37.9%), gold (26.7%), tobacco (12.9%), ferro-alloys (5.1%), and platinum (3.4%), while it imports petroleum oils (15.6%), mineral or chemical nitrogenous fertilisers (3.3%), soya-bean oil (2.9%), human and animal blood prepared for therapeutic, prophylactic or diagnostic uses (2.9%), and motor vehicles (2.6%).
Zimbabwe's main trading partners are South Africa, the United Arab Emirates, Singapore, Mozambique, China, Mauritius, and Belgium. The country was once a major agricultural exporter, but today it imports foodstuffs and manufactured goods in large quantities. This is mainly due to land expropriation and state-owned enterprises distorting the economy, as well as government's intervention, inadequate supervision, and political instability that undermine the financial system. This economic change has significantly damaged the country's trade balance, which is now in deficit. This trend should continue in the coming years, despite the recovery of gemstone exports and the decline in the global oil prices. The government has reduced certain tariffs to facilitate imports.
In 2021, exports of goods amounted to USD 6 billion, while imports reached USD 7.1 billion, resulting in a trade deficit of USD 1.1 billion. Over that same period, services exports amounted to USD 240 million, while imports reached USD 945 million. Including services, Zimbabwe's trade balance closed 2020 at a deficit of USD 1.8 billion.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 3,900 | 6,391 | 4,817 | 5,002 | 7,188 |
Exports of Goods (million USD) | 3,864 | 4,057 | 4,269 | 4,396 | 6,035 |
Imports of Services (million USD) | 1,072 | 973 | 695 | 474 | 945 |
Exports of Services (million USD) | 371 | 390 | 394 | 148 | 240 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 50.0 | 54.6 | 52.7 | 54.7 | 56.3 |
Trade Balance (million USD) | -927 | -1,938 | 174 | 212 | n/a |
Trade Balance (Including Service) (million USD) | -1,581 | -2,464 | -131 | -226 | n/a |
Imports of Goods and Services (Annual % Change) | 3.2 | -12.4 | -2.1 | -29.0 | 54.8 |
Exports of Goods and Services (Annual % Change) | 4.8 | -2.9 | 12.3 | -39.8 | 41.1 |
Imports of Goods and Services (in % of GDP) | 30.4 | 28.4 | 25.5 | 28.7 | 30.9 |
Exports of Goods and Services (in % of GDP) | 19.7 | 26.2 | 27.2 | 25.9 | 25.4 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Volume of imports of goods and services (Annual % change) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Member of Southern African Development Community (SADC)
Member of African Union (AU).
Member of the Intergovernmental Council of Countries Exporters of Copper (CIPEC)
The country have signed a trade agreement with 21 other countries in the São Paulo Round of the Global System of Trade Preferences among Developing Countries (GSTP). It also benefits from the Economic Partnership Agreements with the EU within the framework of the EU-ACP Cotonou Agreement.
Main Customers (% of Exports) |
2021 |
South Africa | 48.4% |
United Arab Emirates | 28.6% |
Mozambique | 8.4% |
China | 4.2% |
Belgium | 2.2% |
See More Countries | 8.1% |
Main Suppliers (% of Imports) |
2021 |
South Africa | 42.8% |
Singapore | 13.8% |
China | 12.1% |
Mozambique | 3.4% |
Mauritius | 2.9% |
See More Countries | 25.1% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: June 2023