Zimbabwe export earnings surpass US$1bn mark

Zimbabwe's export earnings have rebounded to surpass the US$1 billion mark in February, reinforcing a sustained upward trend in foreign currency inflows and marking the fourth time in the past five months that the country has crossed the threshold.

The country recorded US$1,01 billion in export receipts during February, up from US$969,5 million in January, the only month in the period where earnings fell below the US$1 billion level.

The performance continues a strong run that began in late 2025, when exports reached US$1,042 billion in October, rose to US$1,046 billion in November, and peaked at US$1,142 billion in December.

According to the Zimbabwe National Statistics Agency (Zimstat), export growth for February stood at 4,1 percent, driven largely by minerals and agricultural products.

Zimstat balance of payments and finance statistics manager, Mable Chimhore, said imports increased by 12 percent during the same period, narrowing the country's trade surplus to US$46,5 million from US$109,9 million in January.

"In February 2026, exports increased to US$1,01 billion, while imports rose to US$963,1 million. The resulting trade balance amounted to a surplus of US$46,5 million," she said.

Exports continued to be dominated by industrial supplies, which accounted for 95,9 percent of total shipments. Semi-manufactured gold remained the leading export product at 45,7 percent, followed by tobacco at 27,5 percent and other mineral substances at 9 percent.

The United Arab Emirates remained Zimbabwe's top export destination, absorbing 46,4 percent of total exports, followed by China at 34,3 percent and South Africa at 9,8 percent. Together, the top five markets accounted for about 94 percent of export earnings.

On the import side, mineral fuels and oils led the bill at 18,6 percent, followed by machinery, electrical equipment, cereals and vehicles. South Africa remained the largest source of imports at 35,2 percent.

The strong export performance has been largely driven by mining and agriculture, with gold continuing to anchor earnings due to high global prices and increased output from small-scale miners.

Government says formalisation efforts, improved financing access and incentives under the gold mobilisation programme have boosted deliveries, while lithium, platinum and chrome are also contributing to growth amid rising global demand.

Tobacco has also remained a key export earner following a strong marketing season, further strengthening the agriculture sector's contribution.

Authorities expect foreign currency inflows to remain stable in 2026, supported by commodity prices, mining expansion and diaspora remittances, which continue to play an increasingly important role in the economy.