• A record export value of US$905.2 million, 29.7% increase from October
• Gold exports reached US$361.09 million, tobacco exports totaled US$280.3 million
• The trade deficit narrowed to US$46.9 million, the smallest since November 2021

Harare- Zimbabwe has achieved an export value of US$905.2 million in November 2024, marking a significant 29.7% increase from US$698.1 million in October 2024, according to the latest data released by the statistics agency Zimstat.

This record surpasses the previous high of US$831.80 million set in October 2023, primarily driven by robust exports of gold and tobacco, which collectively accounted for more than 50% of the total export value for November.

Gold exports reached a historic high of US$361.09 million, constituting 39.7% of total exports. In parallel, tobacco exports were valued at US$280.3 million, contributing 30.5% to the overall export figure. Together, gold and tobacco exports generated an impressive US$641.496 million, representing 70.86% of the total export value for the month.

This surge in export values resulted in the narrowest trade deficit since November 2021, amounting to US$46.9 million.

For context, the trade deficit stood at US$36.7 million in November 2021, which is the lowest recorded historically. The substantial contributions from gold and tobacco reflects their importance in mitigating trade imbalances.

Cumulatively, total exports from January to November have reached US$8.64 billion, compared to US$9.20 billion in the 12 months of 2023.

This figure also reflects a significant improvement from US$8.66 billion in the entirety of 2022 and US$7.54 billion in 2021.

The exceptional performance in gold exports is attributed to record-high gold prices during this period, which have bolstered Zimbabwe's export economy and highlighted the critical role of these commodities in the nation's trade landscape.

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