Published: 14 hours ago

Zimbabwe posted its first trade surplus in nearly two years in August, with exports surpassing imports by US$7,2 million, according to the latest figures from the Zimbabwe National Statistics Agency (ZimStat).

The development marks a significant turnaround for the economy, which had endured a persistent streak of trade deficits stretching back to January 2024. A trade surplus, where exports exceed imports, often signals stronger global competitiveness, higher foreign currency inflows, and potential job creation.

Exports for August 2025 rose sharply to US$878,16 million, representing a 30,3 percent increase from the US$674,05 million recorded in the same month last year. Compared to July, exports also registered a modest 0,2 percent gain. The surge was largely driven by mineral shipments, particularly gold, which benefited from record-high international prices.

Industrial supplies, mainly dominated by minerals, accounted for US$822,52 million-or 93,7 percent-of total exports during the period. Semi-manufactured gold alone contributed more than half of total export earnings, buoyed by a global price surge from US$2 624 per ounce in January to over US$3 600 in August.

"Zimbabwe's export performance, particularly in the mining sector, has been nothing short of exceptional," said economic analyst Tinevimbo Shava. "The record-high international prices for gold and platinum group metals (PGMs) have provided a massive windfall. The challenge is to channel this revenue into productive sectors to sustain growth beyond the commodity boom."

Nickel mattes contributed 13,9 percent of exports, while tobacco maintained its position as a traditional earner with 8,1 percent. Other significant exports included ferro-chromium and various ores, underscoring the country's reliance on raw and semi-processed mineral commodities.

On the import side, Zimbabwe managed to reduce its bill by 1,7 percent to US$871,14 million. This decline was partly due to lower fuel and oil imports, which fell 4,5 percent year-on-year to US$181,95 million.

The improved trade balance contrasts sharply with the US$10,4 million deficit recorded in July 2025 and a much deeper US$212 million shortfall in August 2024. Over the past 20 months, imports had consistently outweighed exports, with the largest monthly deficit of US$373 million recorded in April 2024.

Economic analyst Namatai Maeresera described the surplus as a "momentous occasion" that reflects resilience in Zimbabwe's production base.

"Achieving a surplus after such a prolonged deficit is a strong positive signal to international markets and investors," he said. "However, we must be cautious. Our trade balance is still highly vulnerable to fluctuations in global commodity prices. Diversification into value-added exports and manufacturing remains critical for long-term stability."

While the August surplus provides much-needed relief and boosts confidence in the economy, analysts caution that it may be temporary if mineral prices decline. The surplus, though modest in absolute terms, is being hailed as a symbolic breakthrough that could guide Zimbabwe's future trade and industrial strategy.

The US$7,2 million positive balance is more than just a number-it represents a rare glimpse of what the economy can achieve when key export drivers align. The challenge now, observers say, is sustaining the momentum while broadening the base of exports beyond minerals.
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