- Gold exports surge, contributing 34.2% to total exports in July 2024, up from 30.5% in June
- Nickel mattes output plunges to 10.5% from a high of 18.5% in June
- Zimbabwe's overall exports reach $548.3 million, a 4.6% increase from June, buoyed by the recovery in gold exports
- Imports rise 10.2% to $823.1 million, driven by increased purchases of mineral oils, cereals, machinery, and vehicles
Harare- Zimbabwe's gold exports in July 2024 contributed 34.2% to the total exports, according to the latest Zimstat's trade report. This output increased from 30.5% in June exports.
However, it was still lower than the record 42.8% seen in May 2024.
Gold continues to anchor the country's foreign currency receipts, contributing not less than 60% to the foreign currency coffers.
Nickel mattes' output, on the other hand, plunged massively to 10.5% from a record high contribution of 18.5% in June.
Meanwhile, tobacco exports marginally increased by 1% to 8.7%, anchoring the top 3 exports of the period.
Among the top ten products exported in July 2024 were semi-manufactured gold, nickel mattes, and tobacco, partly or wholly stemmed/stripped, which accounted for 34.2%, 10.5%, and 8.7% of the total value of US$ 548.3 million, respectively.
As a result, exports amounted to US$548.3 million, an increase of 4.6% (US$ 24.3 million) from the June 2024 value of US$524.0 million, anchored by the increase in gold exports.
However, imports for the month totaled US$823.1 million, which was 10.2% (US$ 76.3 million) more than the June 2024 imports of US$746.7 million, fueled by increases in mineral oils and products, cereals, machinery and mechanical appliances, as well as vehicles.
Conversely, the imported products in order of the listed above constituted 19.4% (down from 25.7%), 13.4% (up from 11.6%), 10.2% (up from 10%), and 7.0% (up from 6%) of the total import value of US$ 823.1 million, respectively.
The rise in mining projects has accelerated the imports of machinery and equipment, contributing to the increase in overall imports.
The Zimbabwe government has partially lifted the ban on importing cars older than 10 years in July 2024. This change allowed certain groups, such as returning residents, diplomats, and those inheriting vehicles, to import these older cars.
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