- Zimbabwe's gold exports surpassed $300 million in April 2025, driven by a surge in production and rising global prices
- Gold output reached 3.86 tonnes, with artisanal miners contributing significantly
- The country's trade deficit narrowed by nearly 50% due to robust export performance
Harare- Zimbabwe’s gold exports achieved a remarkable milestone in April 2025, surpassing the $300 million mark in a single month for the first time in 2025. This record-breaking performance was propelled by a surge in production and escalating global gold prices.
According to the latest figures from Zimstat, Zimbabwe’s national statistics agency, gold exports reached $303.967 million, making it the second-highest monthly total on record, only behind the $361.098 million recorded in November 2024.
The surge in export earnings was driven by a significant increase in gold production, complemented by favourable international market conditions.
In April, gold output climbed to 3.86 tonnes, the highest level since October 2024.
This boost was largely attributed to artisanal and small-scale miners, who contributed 2.9 tonnes to the total.
Simultaneously, global gold prices soared, averaging $3,200 per ounce and peaking at a record $3,500 during the month, amplifying the value of Zimbabwe’s gold exports.
This exceptional performance pushed monthly export earnings to $303.96 million.
On a year-to-date basis, gold earnings have already soared to $1.1 billion within the first four months of 2025.
This figure contrasts with previous years, where earnings were $492 million in 2024, $495 million in 2023, and $629 million in 2022, the latter being the previous record high, highlighting the dramatic growth in the sector.
The ripple effects of these robust gold exports extended beyond the mining industry, positively impacting Zimbabwe’s trade balance.
Supported by a rise in nickel exports to $98 million and a reduction in maize imports, the country’s trade deficit narrowed by nearly 50% for the first time since the year began.
The deficit shrank to $118.7 million, with total exports rising to $662 million from $582 million, while imports dropped from $809 million in March to $781 million in April.
In addition to gold, Zimbabwe’s diamond exports experienced a dramatic upswing, leaping from $3 million in March to $33 million in May, despite a downturn in global diamond prices.
This resilience underscores the strength and adaptability of the country’s mining sector, further bolstering its export portfolio.
Looking ahead, Zimbabwe has set ambitious goals, targeting 40 tonnes of gold production in 2025, with over 12 tonnes already produced in the first four months. The nation also aspires to build a $1 billion diamond industry.
However, achieving these targets and even potentially surpassing 50 tonnes of gold within two years hinges on critical reforms.
The government must address challenges such as the 10% diamond royalty rate, the highest in the Southern African Development Community (SADC), and the 30% export surrender requirement, the portion of earnings exporters must relinquish to the government in exchange for the unstable local currency.
These policies are currently undermining exporters’ ability to reinvest and add value, and resolving them could unlock the full potential of Zimbabwe’s mineral wealth.
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