Zimbabwe’s external trade position improved markedly in 2025 after its trade deficit declined by 344 percent to US$404 million from US$1,79 billion, according to the latest figures from the Zimbabwe National Statistics Agency (ZimStat).
The turnaround was driven by stronger export earnings, led by gold, firmer global commodity prices and a significant reduction in imports following improved domestic production.
ZimStat said the improvement represented one of the most notable trade corrections in recent years, underscoring the growing contribution of mining exports and the positive spillover effects of agricultural recovery.
“The country’s trade balance improved markedly in 2025, with the deficit narrowing to US$404 million compared to US$1,79 billion recorded in 2024,” ZimStat states in its external trade statistics report.
Gold remained the backbone of Zimbabwe’s export earnings in 2025, benefiting from increased deliveries and historically strong international prices.
ZimStat data shows that semi-manufactured gold consistently accounted for the largest share of total exports throughout the year, reinforcing the sector’s central role in foreign currency generation.
On an annual basis, gold exports generated more than US$4,5 billion in receipts, supported by sustained production growth and a favourable global pricing environment driven by geopolitical uncertainty and strong central bank demand.
“Gold continued to dominate export earnings, contributing the largest share of total exports in 2025,” ZimStat notes.
The strong performance of gold, Zimbabwe’s single largest export commodity, helped offset volatility in other sectors while supporting exchange rate stability and improved external liquidity.
Tobacco remained Zimbabwe’s second largest export earner, contributing over US$1,3 billion in export receipts in 2025, supported by improved prices and steady demand at auction and contract floors.
Other mineral exports also played a meaningful role in lifting total export earnings. Platinum group metals, nickel mattes and ferro-alloys collectively earned more than US$900 million, reflecting both stable output and higher global commodity prices.
ZimStat data indicates that export values strengthened even in months where volumes grew modestly, highlighting the positive impact of improved pricing conditions across Zimbabwe’s key commodity exports.
The broader recovery in global commodity prices during 2025 further reinforced Zimbabwe’s export performance. Stronger prices for metals and agricultural commodities improved unit export values, helping to cushion the economy from external shocks and reducing pressure on the balance of payments.
This price-led export growth translated into higher foreign currency inflows, improved current account dynamics and a more resilient external position.
The strong external performance is particularly important at a time when Zimbabwe is looking to maintain the durable stability of its foreign currency reserves and gold-backed Zimbabwe Gold currency introduced in April 2024.
On the import side, the most decisive shift came from a sharp decline in food imports, particularly maize, following a successful 2024/2025 summer cropping season that delivered 2,2 million tonnes of maize. – Herald
