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Zimbabwe generated its highest foreign currency earnings since independence after raking in more than US$16 billion in 2025, with mining once again anchoring the country’s export performance, Mining Zimbabwe can report.
By Ryan Chigoche
The milestone reflects a sharp rise in foreign currency inflows over the past few years. In 2017, Zimbabwe earned about US$5,5 billion, while receipts stood at US$13,3 billion in 2024.
Figures from the Reserve Bank of Zimbabwe (RBZ) show that total foreign currency receipts climbed to US$16,2 billion in 2025, representing a 21,8 percent increase from the previous year and the highest level ever recorded.
The improved outturn was largely driven by export growth, with mineral exports—particularly gold—accounting for the bulk of foreign currency inflows. Gold prices hit historic highs in 2025, peaking at US$4 379,13 per ounce in October, according to global spot price data.
The elevated price environment boosted the value of mineral exports, strengthening the contribution of gold deliveries to Zimbabwe’s foreign currency earnings.
Foreign currency inflows have followed a steady upward trajectory in recent years, rising from about US$11 billion in 2023, as export volumes expanded and output stabilised, particularly in the mining sector.
In its quarterly update on monetary, currency and financial developments, the RBZ said export earnings remained the dominant source of foreign currency, accounting for an average of 59,7 percent of total inflows in 2025.
Loan proceeds contributed 14,8 percent, while diaspora remittances accounted for 13,5 percent.
“The resilience in the country’s foreign currency generation capacity resulted in an increase of 21,8 percent to US$16,2 billion in 2025 from US$13,3 billion in 2024,” the central bank said.
More recent trade data points to continued momentum. Figures from the Zimbabwe National Statistical Agency (ZimStat) show that Zimbabwe earned more than US$1 billion in export revenue in November 2025 alone, marking the second consecutive month of record-high monthly export earnings.
The ZimStat data shows that exports remain concentrated in a few high-value commodities, with mineral products dominating the basket.
Semi-manufactured gold accounted for 42,4 percent of total exports during the month, reinforcing its position as the country’s single largest foreign currency earner.
Nickel mattes contributed 17 per cent, while industrial diamonds accounted for 13,2 percent and ferro-chromium 7 per cent.
Taken together, mineral exports accounted for the majority of export earnings during the month, underlining sustained global demand for Zimbabwe’s mineral output.
Tobacco accounted for 23,7 percent of exports, while coke and other products contributed smaller shares, highlighting the continued importance of both mining and agriculture in supporting export revenues.
Overall, mining and agriculture remain the backbone of Zimbabwe’s external trade, with minerals continuing to anchor foreign currency inflows.
Looking ahead, the RBZ expects foreign currency receipts to remain firm in 2026, supported by favourable global prices for key export minerals, higher output levels, and continued growth in diaspora remittances.
Gold remained the single largest contributor to foreign currency inflows over the year, buoyed by strong international prices and increased deliveries from both large-scale and small-scale producers.
Other strategic minerals, including lithium, platinum and chrome, are also expected to continue supporting export growth, driven by demand from electric vehicle supply chains and global manufacturing.
