Gold drives export earnings surge
CLOUDINE MATOLA
Zimbabwe’s total export earnings surged by 23.1% in the first half of 2025, reaching US$7.3bn compared to US$5.9bn during the same period last year, buoyed by strong performances in gold and other key commodities, Business Times can report.
Reserve Bank of Zimbabwe (RBZ) governor, Dr John Mushayavanhu, said exports remain the country’s dominant foreign currency source, followed by international money transfers.
“Total foreign currency receipts for the period January to June 2025 amounted to US$7.3bn compared to US$5.9bn received during the same period in 2024, representing a 23.1% increase. Export earnings contributed 54.5% of the country’s total receipts for the period January to June 2025, while international money transfers accounted for about 22.7%. Export proceeds continue to anchor foreign currency receipts for the economy from which the majority of foreign payments are being met. At the same time, money transfer receipts have maintained the upward trend, reflecting confidence in the formal money transfer system,” Dr Mushayavanhu said.
Export earnings for the half year jumped 25.7% to US$3,949.8m from US$3,143.3m in the same period last year.
The mining sector dominated, contributing US$2,807.0m, up from US$2,025.4m. Gold led the charge at US$1,384.8m, followed by platinum (US$797.2m), lithium ore (US$214.6m), diamonds (US$134.86m), and chrome ore and ferrochrome (US$149.6m).
Other key export contributors included tobacco (US$783.7m), tourism (US$92.6m), transport (US$90.8m), manufacturing (US$90.7m), agriculture (US$47.7m) and other services (US$12.2m).
Loan proceeds from the private sector contributed 20.3% of receipts, income receipts 0.9%, and foreign investments 1.6%.
Dr Mushayavanhu said the strong inflows bolstered the country’s current account position, which remained in surplus during the first half of the year.
“The improvement in foreign currency receipts has positively impacted the country’s current account position. Preliminary estimates indicate that the country’s current account balance remained in surplus in the first quarter of 2025, albeit at a reduced level. The surplus was sustained by resilient personal transfers and strong export performance, particularly in the gold sub-sector,” he said.
Foreign currency payments also rose, increasing 17% to US$5.0bn from US$4.3bn in the first half of 2024.
“During the first half of 2025, Authorised Dealers reported foreign payments amounting to US$5.0bn, a 17% increase from US$4.3bn reported during the same period in 2024. The trade account constitutes 82% of total foreign payments made during the period ending 30 June 2025. Notably, 39% (US$1,941.4m) of payments went towards importation of raw materials and capital goods,” Dr Mushayavanhu added.
