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Zimbabwe’s external trade position strengthened sharply in November 2025, with mining once again setting the pace as the country recorded a goods trade surplus of US$90,5 million, more than triple the US$28,7 million posted in October, Mining Zimbabwe can report.
By Ryan Chigoche
Latest data from the Zimbabwe National Statistics Agency (ZimStat) shows that mineral exports, led by gold and nickel products, provided a steady stream of foreign currency, while a slowdown in imports widened the surplus.
Exports edged up to US$1,046 billion from US$1,042 billion in October.
Although growth was modest, the export mix remained firmly tilted towards minerals and agriculture, helping cushion the economy against external pressures.
The bigger shift came from the import side. Imports fell 5,7 per cent to US$955,8 million, down from US$1,013 billion in October, easing pressure on the trade account and allowing the surplus to widen significantly.
Gold remained the backbone of export earnings, accounting for 42,4 per cent of total exports in November.
Tobacco followed with a strong 23,7 per cent contribution, reflecting agriculture’s continued role in foreign currency generation, while nickel mattes added a further 17 per cent.
Beyond the top earners, exports also included ferro-chromium, chromium ores and concentrates, coke and semi-coke of coal, nickel ores and concentrates, and non-alloy pig iron, underscoring the depth of mining activity feeding into export performance.
Overall, industrial supplies—largely mining-related products—accounted for 95,8 per cent of total exports by broad economic category, highlighting the sector’s dominance in Zimbabwe’s trade structure.
On the market front, the United Arab Emirates emerged as the single largest destination for Zimbabwean exports, absorbing 44,4 per cent of total shipments, mainly driven by gold. South Africa and China followed with 21,8 per cent and 21,2 per cent respectively, with the top five markets accounting for nearly 90 per cent of export earnings.
Regional trade also remained important. Exports into the Southern African Development Community (SADC) and under the African Continental Free Trade Area (AfCFTA) were largely driven by mineral products, particularly nickel mattes.
Imports during the month were dominated by industrial supplies, which accounted for 39,5 per cent of the total.
Fuels and lubricants followed at 19,2 per cent, while capital goods excluding transport equipment made up 17,1 per cent. Food and beverages accounted for 10,7 per cent, reflecting ongoing demand from the agriculture and household sectors.
Major imports included mineral fuels, machinery and mechanical equipment, cereals, and fertilisers, highlighting Zimbabwe’s reliance on external markets for energy, productive inputs, and food support.
South Africa remained the country’s largest source of imports, accounting for 39,2 per cent of the total bill, followed by China at 15,8 per cent. The Bahamas and Bahrain also featured among the top suppliers, with the leading four countries contributing close to 70 per cent of total imports.
The strong November performance is expected to support foreign currency availability and provide some relief on the balance of payments.
However, analysts caution that sustaining the surplus will require continued momentum in mining, stronger value addition, and a broader export base that brings agriculture and manufacturing more firmly into the mix as Zimbabwe heads into 2026.
