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Zimbabwe posts its highest trade surplus on record
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Zimbabwe recorded its highest-ever monthly goods trade surplus of USD 240.2 million in December 2025, driven by a sharp rise in exports and a decline in imports, latest trade figures show.
The surplus represented a 163.8% increase from November's USD 91.1 million, marking a strong close to the year and underscoring the growing importance of mineral exports - particularly gold - in supporting the country's external balances.
Exports rose 9.1% month-on-month to USD 1.142 billion in December, up from USD 1.046 billion in November, while imports fell 5.6% to USD 901.5 million, down from USD 955.2 million. The widening gap between export earnings and import payments underpinned the record surplus.
Gold was the standout performer. Semi-manufactured gold accounted for 47.3% of total exports, generating USD 539.63 million in December - the highest monthly gold export value ever recorded. This pushed Zimbabwe's full-year 2025 gold exports to a record USD 4.61 billion, far surpassing other major export earners such as tobacco and nickel.
Tobacco, partly or wholly stemmed or stripped, contributed 17.7% of December exports, while nickel mattes accounted for 16.3%, reinforcing the dominance of mineral and primary commodity exports in Zimbabwe's trade profile.
Analysts say the strong performance reflects favourable international commodity prices, improved gold deliveries from both large-scale and small-scale miners, and tighter import management measures that curtailed foreign currency outflows.
Despite the impressive surplus, trade remained highly concentrated both by product and destination. Nearly half of Zimbabwe's exports - 49.9% - were destined for the United Arab Emirates, largely reflecting gold shipments through Dubai. South Africa (21.6%) and China (17.3%) were the other major export markets.
On the import side, South Africa remained Zimbabwe's largest source of goods, accounting for 38.8% of imports, followed by China (15.5%) and Bahrain (13.5%), the latter largely linked to fuel supplies. This concentration highlights ongoing structural dependencies, particularly in energy and manufactured goods.
Mineral fuels, oils and related products dominated the import bill, accounting for 22.6% of total imports, with diesel and petrol among the largest items. Machinery, cereals - especially maize - and vehicles also featured prominently, reflecting persistent gaps in domestic production.
Economists caution that while the December surplus strengthens Zimbabwe's foreign exchange position and provides short-term macroeconomic relief, the economy remains vulnerable to commodity price swings and external shocks due to its reliance on mineral exports and a narrow set of trading partners.
Nevertheless, the December outcome represents a significant milestone, positioning Zimbabwe more favourably as it enters 2026, with policymakers now under pressure to leverage the windfall to drive export diversification, value addition and long-term economic stability.
The surplus represented a 163.8% increase from November's USD 91.1 million, marking a strong close to the year and underscoring the growing importance of mineral exports - particularly gold - in supporting the country's external balances.
Exports rose 9.1% month-on-month to USD 1.142 billion in December, up from USD 1.046 billion in November, while imports fell 5.6% to USD 901.5 million, down from USD 955.2 million. The widening gap between export earnings and import payments underpinned the record surplus.
Gold was the standout performer. Semi-manufactured gold accounted for 47.3% of total exports, generating USD 539.63 million in December - the highest monthly gold export value ever recorded. This pushed Zimbabwe's full-year 2025 gold exports to a record USD 4.61 billion, far surpassing other major export earners such as tobacco and nickel.
Tobacco, partly or wholly stemmed or stripped, contributed 17.7% of December exports, while nickel mattes accounted for 16.3%, reinforcing the dominance of mineral and primary commodity exports in Zimbabwe's trade profile.
Despite the impressive surplus, trade remained highly concentrated both by product and destination. Nearly half of Zimbabwe's exports - 49.9% - were destined for the United Arab Emirates, largely reflecting gold shipments through Dubai. South Africa (21.6%) and China (17.3%) were the other major export markets.
On the import side, South Africa remained Zimbabwe's largest source of goods, accounting for 38.8% of imports, followed by China (15.5%) and Bahrain (13.5%), the latter largely linked to fuel supplies. This concentration highlights ongoing structural dependencies, particularly in energy and manufactured goods.
Mineral fuels, oils and related products dominated the import bill, accounting for 22.6% of total imports, with diesel and petrol among the largest items. Machinery, cereals - especially maize - and vehicles also featured prominently, reflecting persistent gaps in domestic production.
Economists caution that while the December surplus strengthens Zimbabwe's foreign exchange position and provides short-term macroeconomic relief, the economy remains vulnerable to commodity price swings and external shocks due to its reliance on mineral exports and a narrow set of trading partners.
Nevertheless, the December outcome represents a significant milestone, positioning Zimbabwe more favourably as it enters 2026, with policymakers now under pressure to leverage the windfall to drive export diversification, value addition and long-term economic stability.
Source - online
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