Zimbabwe’s mining sector has powered the nation to its first trade surplus in nearly two years, with gold leading a broad-based mineral export boom that generated a US$7.2 million surplus in August 2025. This milestone—the first since the introduction of the ZiG currency in April 2024—signals a potential turnaround for the resource-driven economy, though its foundations remain closely tied to volatile global commodity prices, Mining Zimbabwe can report.
By Rudairo Mapuranga
The surge in gold exports was the undeniable engine behind this economic achievement. Accounting for a dominant 52.7% of all export revenue in August, gold solidified its position as the nation’s primary foreign currency earner. This performance is part of a much broader, record-setting trend for the year, driven by both high global prices and a significant increase in production from both artisanal and large-scale miners.
However, the golden narrative was supported by strong performances across the mineral spectrum. Nickel, a key pillar of Zimbabwe’s industrial mining, continued to be a major contributor, with exports of nickel mattes and ferronickel bringing in substantial earnings. The platinum group metals (PGMs) sector also maintained its crucial role, providing a steady and high-value revenue stream that diversifies the nation’s export base beyond gold. Together with a robust tobacco season, these mineral and agricultural exports created a powerful coalition that pushed total exports for the month to US$878 million.
On the other side of the equation, a controlled import bill was essential to achieving the surplus. Overall imports declined to US$871.1 million, aided by a notable 4.5% drop in fuel costs. A significant, though less sustainable, factor was a government ban on maize imports, which saw their value plummet from a monthly average of US$55 million to just US$1 million. This reduction in essential food imports highlights the complex and sometimes precarious balancing act behind the positive trade figures.
Despite this welcome news, economists and industry analysts urge cautious optimism. The surplus rests on a fragile foundation, as Zimbabwe’s export basket remains heavily reliant on a few primary commodities. A sudden downturn in the price of gold or nickel could quickly erase the gains. Furthermore, the mining sector itself continues to face significant headwinds, including persistent issues of gold smuggling, unreliable electricity supply, and policy uncertainties that can deter long-term investment.
For this trade surplus to mark the beginning of a sustained positive trend rather than a fleeting moment, the country must navigate these challenges. The focus will need to be on deepening economic reforms, encouraging mineral beneficiation to capture more value domestically, and creating a stable investment climate that can unlock the full potential of Zimbabwe’s diverse mineral wealth. The August data proves the mining sector has the capacity to lead the economy—the task ahead is to build a more resilient and diversified foundation for its growth.
