HARARE — Zimbabwe’s external position remained strong in the first quarter of 2026, supported by a sharp increase in exports, resilient gold trade and continued diaspora remittances, the International Monetary Fund said.
The country recorded a US$2.1 billion current-account surplus in 2025, equivalent to 3.6% of gross domestic product, with the surplus carrying into the first quarter of this year.
Exports rose 58% year-on-year, driven by strong performances in gold, mining and agricultural exports, reinforcing the importance of commodity earnings to Zimbabwe’s foreign-currency position.
Imports increased by 30%, reflecting higher fuel prices as well as stronger demand for machinery and equipment. The rise in capital-goods imports points to continued demand for investment-related equipment even as the country maintains a substantial external surplus.
Gold remained a key contributor to export earnings, with the IMF saying trade flows through the Middle East remained largely resilient despite wider geopolitical and logistical risks affecting international trade.
Diaspora remittances provided another important source of foreign exchange and helped underpin Zimbabwe’s current-account surplus in 2025.
The continued surplus into the first quarter of 2026 marks a significant shift from Zimbabwe’s previous periods of acute foreign-exchange shortages and external imbalances, although the country remains heavily exposed to movements in commodity prices and export volumes.
The strong external position also gives Zimbabwe greater capacity to meet import requirements and accumulate foreign currency, while providing some support for macroeconomic stability.
The IMF’s assessment comes as Zimbabwe seeks to strengthen export capacity, attract investment and rebuild productive capacity across mining, agriculture and manufacturing.
The sustainability of the external surplus will ultimately depend on whether export growth continues to outpace import demand, particularly as investment and economic activity increase.
For now, however, the combination of booming commodity exports, resilient remittances and a continuing current-account surplus provides Zimbabwe with one of the stronger pillars of its external economic position heading into 2026.
