Zimbabwe spends US$48.1 million on maize imports in a month
In June 2024, Zimbabwe spent $48.1 million on maize imports, up from $39.8 million the previous month, due to El Niño-induced drought affecting agricultural output. Maize, along with diesel ($96.7 million) and petrol ($46.3 million), were top imports, contributing to a total import bill of $743.6 million. Key exports included gold, PGMs, tobacco, and industrial diamonds.
A TOTAL US$48.1 million was spent on maize imports in the month of June 2024 in a development testifying the huge toll exerted by the El Nino induced drought, Reserve Bank of Zimbabwe (RBZ) data has revealed.
The central bank records show that in the month of June 2024, the quantum of foreign currency spent on maize imports increased from US$39, 8 million recorded in the previous month to the current figure of US$48, 9 million.
Zimbabwe is one of the countries in the region’s vulnerable agricultural belt and has frequently experienced adverse weather effects in the past, from 1982 to date.
El Niño events have recurred irregularly, appearing every two to six years. Historically, El Niño events in Zimbabwe have been linked to disruptions of climatic patterns, including rainfall, resulting in both localised and widespread impacts on livelihoods and ecosystems.
As a result, imports and donor injections have become the main source of grain, in the process exposing the nation to huge expenditures of foreign currency.
The RBZ data also shows that during the month of June 2024, maize was among the top three imported products to include diesel and petrol which consumed US$96,7 million and US$46,3 million respectively.
“During the month under review, the country’s import bill was $743.6 million, reflecting a 0.5% increase from the $739.8 million reported in the previous month. Motor vehicles and electricity occupied the third and fourth position respectively,” said the report.
The country’s primary export commodities were gold, PGMs, tobacco and industrial diamonds contributing 30.5%, 24.5%, 10.0% and 6.4% to the total export value, respectively.
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Source Link : https://www.newzimbabwe.com/zimbabwe-spends-us48-1-million-on-maize-imports-in-a-month/#google_vignette
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