Zimbabwe export earnings triple to US$10bn

Zimbabwe's export earnings have more than tripled over the past seven years, rising from approximately US$3 billion in 2017 to nearly US$10 billion in 2024, driven largely by strong performance in the mining and agricultural sectors.

According to data released by Zimbabwe National Statistics Agency, export earnings increased by 179 percent during the period, reflecting sustained growth in key commodity exports and a shift towards value addition in selected sectors.

Minerals and agricultural products have remained the backbone of Zimbabwe's export sector, accounting for the bulk of foreign currency earnings.

Between 2017 and 2019, the country's top exports included monetary gold, tobacco, nickel mattes, nickel ores and concentrates, and ferro-manganese. Collectively, these commodities contributed more than 75 percent of annual export earnings.

In 2020, nickel mattes overtook gold as Zimbabwe's largest export commodity, while tobacco, nickel ores and industrial diamonds also featured prominently among the country's leading exports.

Gold reclaimed the top position in 2021 and has remained the country's leading export earner since then. Other major exports have included nickel mattes, nickel ores and concentrates, tobacco and ferro-manganese.

In 2022, nickel ores and concentrates became the second-largest export category, ahead of nickel mattes, while tobacco and ferro-manganese continued to rank among the country's most important export products.

The composition of exports remained largely unchanged in 2023 and 2024, with semi-manufactured gold, tobacco, nickel mattes, nickel ores and concentrates, and ferro-chromium dominating export receipts.

Last year, semi-manufactured gold generated approximately US$4.6 billion in export earnings, followed by nickel mattes at US$1.4 billion and tobacco at US$1.3 billion.

Ferro-chromium contributed US$367 million, while coke and semi-coke of coal completed the top five export categories.

Together, these five products accounted for approximately 81 percent of Zimbabwe's total exports of US$9.7 billion in 2024.

Government attributes the growth in exports to a series of economic reforms introduced under the Second Republic following President Emmerson Mnangagwa's assumption of office in November 2017.

In his inaugural address, Mnangagwa pledged to improve investor confidence through policy consistency, compensation for affected investors, enhanced land tenure security and respect for Bilateral Investment Promotion and Protection Agreements (BIPPAs).

Subsequent policy measures focused on reducing regulatory barriers, improving the ease of doing business, promoting exports and re-engaging with the international community.

The 2018 Transitional Stabilisation Programme (TSP) sought to restore macroeconomic stability and encourage private sector-led growth, while the National Development Strategy 1 (NDS1) provided a framework for economic transformation between 2021 and 2025.

Building on those initiatives, Government has launched the National Development Strategy 2 (NDS2) covering the period 2026 to 2030, with a strong emphasis on industrialisation, value addition and beneficiation.

The strategy is aligned with regional and international development frameworks, including Southern African Development Community development objectives, the African Union Agenda 2063 and the United Nations Sustainable Development Goals.

A major component of the new strategy involves reducing the export of raw materials and increasing domestic processing of minerals and agricultural commodities.

Earlier this year, Government suspended exports of lithium concentrates and certain other raw minerals as part of efforts to promote local beneficiation and improve value retention within Zimbabwe.

The policy has already begun yielding results, with Prospect Lithium Zimbabwe recently exporting its first batch of lithium sulphate from a US$400 million processing plant, marking Zimbabwe's first production and export of lithium salt.

The development is viewed as a significant milestone in the country's efforts to move up the value chain and maximise returns from its mineral resources.

As Zimbabwe pursues its Vision 2030 agenda, authorities are increasingly focusing on industrialisation, export diversification and value addition as key drivers of economic growth and foreign currency generation.