• Zimbabwe recorded its strongest monthly export performance in at least six years, with exports rising 63.1% to US$1.44 billion in June, producing a US$239.6 million trade surplus
• Five mineral product lines generated US$1.25 billion, or 86.8% of total exports, led by semi-manufactured gold at US$583.4 million and nickel mattes at US$320 million
• Imports also reached a record US$1.20 billion, driven by machinery, industrial equipment and fuel

Harare- Zimbabwe has recorded its highest monthly export value on record at least six years in June 2026, with merchandise exports rising 63.1% from May to US$1.442 billion. Imports increased 11.5% to a record US$1.202 billion, leaving a trade surplus of US$239.6 million after a US$194.7 million deficit in May.

The June surplus reduced the cumulative merchandise trade deficit for the first half to about US$253 million, from US$824 million over the same period in 2025. Exports reached approximately US$5.89 billion between January and June, up 52.4% year on year, while imports increased 31% to about US$6.15 billion.

That is the strongest first half trade position in Zimbabwe’s history.

The improvement was carried by a narrow group of mineral exports. Semi manufactured gold generated US$583.4 million in June, nickel mattes US$320 million, other mineral substances US$207.4 million, other ores and concentrates US$89.9 million and other sulphates US$50 million. Together, the five product lines contributed about US$1.25 billion, equal to 86.8% of the month’s exports. Industrial supplies accounted for 96% of total export value.

Gold was the largest source of the gain. Semi manufactured gold accounted for 40.5% of June exports after reaching US$464.3 million in May and US$394.2 million in April. The second quarter therefore produced three consecutive months above US$390 million, giving the export increase a stronger base than the June headline alone.

Treasury had already recorded gold exports of US$2.2 billion during the first five months of 2026, up 57.6% from US$1.4 billion a year earlier. Higher output and elevated global prices drove the increase. PGM exports also rose to US$737 million from US$534.2 million over the same period as the basket price reached its highest level since 2023.

Nickel mattes provided the second largest contribution in June, rising to US$320 million from US$126.1 million in May. Other mineral substances increased almost sixfold to US$207.4 million, while other ores and concentrates more than doubled to US$89.9 million.

These movements added close to US$417 million to the export account in one month. Gold carries the clearest continuity. Nickel and the exceptional mineral lines carry the largest month to month risk. The concentration extends to export destinations. The United Arab Emirates received 40.5% of June exports, South Africa 30.7% and China 21.1%. The three markets absorbed 92.3% of Zimbabwe’s merchandise exports, with Hong Kong and Mozambique taking the five country share to about 95%.

Zimbabwe’s strongest export month therefore rested on a small group of minerals sold through a small group of markets. This improves foreign currency receipts while leaving the monthly balance highly responsive to commodity prices, refinery routes, processing schedules and demand from China and South Africa.

Agriculture contributed a smaller share. Partly or wholly stemmed tobacco generated US$40.4 million, equal to 2.8% of June exports. The value was below US$63.1 million in May and about US$71 million in June 2025. Cigarette tobacco added US$11 million. The tobacco marketing season supported the account without driving the surplus.

Ferrochrome contributed US$28.4 million, coke and semi coke US$11.5 million and nickel ores US$11.2 million. These product lines expanded the mineral base, although their values remained small beside gold and nickel mattes.

The import side reached a record at the same time. Zimbabwe imported US$1.202 billion of goods in June, the highest monthly value. The surplus came through stronger exports while import demand continued rising. Machinery and mechanical appliances accounted for 24% of the bill, mineral fuels 19.5%, vehicles 6.2%, iron and steel 4.5%, electrical machinery 4% and fertilisers 3.9%.

Industrial supplies and capital goods each contributed close to 30% of imports. Fuels and lubricants added 19.3%. These categories absorbed more than three quarters of the monthly bill.

The composition points to rising demand from mining, manufacturing, construction, agriculture and energy projects. Specialised machinery imports also increased sharply during the month. Non domestic heating and cooling equipment reached US$69.8 million, heat exchange units US$25.7 million and industrial gas filtering and purification machinery US$24.7 million.

These deliveries support an investment reading of part of the record import bill. Their contribution to the external account will depend on how quickly the equipment expands production, replaces imported finished goods or creates additional exports.

Fuel remains the largest recurring pressure. Diesel imports reached US$139.4 million in June, after US$136.6 million in May and US$101.8 million in June 2025. Petrol imports stood at US$35.4 million, petroleum gases at US$17.4 million and electricity at US$15.2 million.

During the first five months, diesel imports had already increased 30.6% to US$576.5 million. Electrical energy imports rose 38.3%, while Treasury attributed the wider import increase to fuel, machinery and raw materials.

The rise in diesel demand connects the trade account to activity across mining, freight, agriculture and private power generation. It also captures the cost of electricity shortages. Every generator operating during a grid interruption transfers part of the power deficit into the fuel import bill.

Food imports remained below machinery and energy. Food and beverages accounted for 9.4% of imports. Crude soya bean oil reached US$25.6 million, wheat US$15.8 million and broken rice US$10.9 million.

Improved domestic agricultural output has reduced maize and some food imports during 2026. Treasury recorded a 34% fall in maize imports during the first five months, which helped absorb part of the increase in fuel and intermediate input demand.

That support has a defined time window. A weak 2026 and 2027 agricultural season would add grain imports to an account already carrying record machinery and energy demand. The mineral export gain currently provides room for that risk. Usable reserves stood at US$1.6 billion at the end of June, equal to 1.6 months of import cover.

At the June import rate, the reserve position covers less than seven weeks of merchandise purchases. Sustained export receipts remain central to exchange rate stability, reserve accumulation and the ability to fund food imports if rainfall weakens.

The monthly sequence shows the sensitivity of the trade position.

Zimbabwe recorded a US$109.9 million surplus in January, followed by deficits of about US$90 million in February, US$148 million in March, US$170 million in April and US$195 million in May. The June surplus reversed the cumulative deterioration in one month.

A trade account moving by more than US$400 million between May and June cannot be assessed through a single monthly result. The first half comparison provides the stronger measure. The deficit narrowed by about US$571 million year on year as export growth outpaced import growth by more than 21 percentage points.

The current account is stronger than the merchandise balance because remittances and other secondary income also support external receipts. Treasury estimates a US$616.3 million current account surplus during the first half, up from a US$22.5 million deficit a year earlier. Remittances increased 41% to US$1.5 billion.

This gives the foreign exchange system support from two large sources. Minerals provide the export receipts. Remittances provide the household and banking inflows.

The quality of the June surplus will be determined by what follows the imported machinery and what remains after the mineral shipments normalise.

Capital goods that raise mine, factory and energy output can improve the trade account over time. Machinery that fails to create additional production leaves the country with a larger import bill and no new source of foreign currency. The same test applies to beneficiation projects. Their external value lies in whether they raise the selling price of Zimbabwe’s minerals, deepen domestic procurement and reduce the need for imported industrial products.

Boards in mining, manufacturing and banking should treat June as a liquidity gain with a concentration risk. Miners enter the second half with stronger export receipts and improved foreign currency generation. Banks gain from deposits and settlement flows. Manufacturers face continued exposure to fuel, machinery and intermediate input imports.

Treasury and the Reserve Bank need product volume data alongside the customs values. Gold deliveries, nickel matte output, stock movements and mineral prices should be reconciled with the June receipts. This will establish the portion of the export increase available for reserve planning and the portion driven by consignment timing.

Zimbabwe reached its strongest export month while also recording its largest import bill. The US$239.6 million surplus reduced the first half trade gap to a six year low and strengthened the foreign currency position. Five mineral lines carried almost 87% of exports, leaving the next stage dependent on the continuity of gold receipts, the settlement pattern for nickel and the productive return from imported capital goods.

June has changed the first half numbers.

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