Staff Writer
Zimbabwe’s food import bill increased significantly by 55.2% to US$976.1 million in 2024 from US$628.9 million in 2023, latest data shows.
According to the Reserve Bank of Zimbabwe (RBZ), the increase was underpinned by grain imports, necessitated by the El Niño-induced drought that adversely affected the 2023/24 agricultural season.
“Maize imports increased from US$149 million in 2023 to US$574.6 million in 2024. While the overall import bill increased, moderating prices for edible oils and fertilizers, partially offset the increase,” the RBZ said in its latest monetary policy statement.
In the 2023/24 cropping season, Zimbabwe experienced severe drought conditions attributed to El Niño.
The drought conditions resulted in a 60 percent decline in maize yield compared to the five-year average.
The significant reduction in rainfall, coupled with high temperatures, has led to widespread food insecurity and economic hardship.
Consequently, 7.8 million Zimbabweans faced acute food shortages. The drought raised rural poverty rates by up to 34 percent in maize-producing zones and left 57 percent of rural households cereal insecure during peak hunger periods.
The 2023/24 El Niño-induced drought alone caused approximately US$363 million in damage losses.
It resulted in a World Bank estimated 3.2 percent drop in GDP, lowered export earnings, and widened the fiscal deficit by 0.9 percent of GDP, compared to a no-drought scenario.
