Zimbabwe earned US$3.36 billion from gold exports in the first seven months of 2026, underscoring the metal’s growing importance to the country’s foreign-exchange earnings, according to Reserve Bank of Zimbabwe (RBZ) monthly economic reviews, Mining Zimbabwe can report.
By Rudairo Mapuranga
Gold generated US$493 million in January, US$461.4 million in February, US$427.1 million in March, US$394.2 million in April, US$464.3 million in May, US$583.4 million in June and US$533.9 million in July, giving a cumulative US$3.3573 billion for the period.
The figures are based on export values published by the RBZ in its monthly economic reviews.
Gold remained Zimbabwe’s leading export commodity throughout the period, although its contribution to the monthly export basket fluctuated with movements in production, international prices and the performance of other minerals.
In January, gold accounted for 50.9 percent of total merchandise export earnings, generating US$493 million from total exports of US$969.4 million.
Gold exports declined to US$461.4 million in February and US$427.1 million in March, with the RBZ attributing the March decline partly to lower gold output during the wet season and softer international prices.
The decline continued into April, when gold exports fell to US$394.2 million, representing 49.7 percent of the country’s US$792.3 million merchandise export bill. The RBZ linked the decline partly to lower international gold prices.
Gold earnings recovered in May, rising to US$464.3 million, before climbing sharply to US$583.4 million in June, the strongest monthly performance during the first seven months. The RBZ said June’s increase was driven primarily by higher gold and platinum group metals exports, with gold production also improving during the month.
July remained strong despite an 8.5 percent month-on-month decline from June. Gold exports stood at US$533.9 million, accounting for 36.3 percent of total merchandise exports, which reached US$1.4698 billion.
The July figure also meant gold remained Zimbabwe’s largest individual export commodity, ahead of other mineral substances, which contributed 21.7 percent, and PGMs at 15.9 percent.
The sustained value of gold exports comes as the country’s mining sector continues to depend heavily on gold production from both large-scale and small-scale producers.
For the mining industry, the export earnings highlight the financial significance of maintaining production levels as international gold prices remain elevated.
The RBZ’s monthly data also show that the value of gold exports has been influenced by both production and international prices. Gold averaged US$4,763.07 per ounce in January, while the international average stood at US$4,070.88 per ounce in July.
With US$3.36 billion already earned from gold exports by the end of July, the performance places the precious metal firmly at the centre of Zimbabwe’s export earnings and underscores the importance of continued investment in exploration, production, processing and formal gold marketing.
