Online Reporter
Oliver Kazunga
Senior Reporter
GOLD cemented its position as Zimbabwe’s export powerhouse in May, contributing 52,5 percent of the country’s US$884 million export earnings as overseas sales surged.
Latest figures released by the Zimbabwe National Statistics Agency (ZimStat) show that semi-manufactured gold remained the country’s single biggest foreign currency earner — highlighting the mining sector’s central role in driving export performance and supporting the economy.
The country’s exports climbed by 11,6 percent from US$792,3 million in April to US$884 million in May, reflecting strong demand for Zimbabwean mineral and agricultural products on international markets.
“Among the top 10 products exported in May 2026 were semi-manufactured gold, nickel mattes and tobacco, partly or wholly stemmed/stripped, accounting for 52,5 percent, 14,3 percent, and 7,1 percent of the total value of US$884 million, respectively,” said ZimStat.
Nickel mattes emerged as the second-largest export after gold, contributing 14,3 percent of total export earnings, while tobacco, partly or wholly stemmed/stripped, accounted for 7,1 percent, underscoring the continued importance of mining and agriculture in Zimbabwe’s export basket.
Economic commentator Ms Wendy Mpofu said the latest figures demonstrate the resilience of Zimbabwe’s export sector, particularly the mining industry.
“It is quite encouraging that Zimbabwe’s export earnings continue to grow, with gold remaining the country’s biggest foreign currency earner.
“This shows that Zimbabwe is benefitting from strong global demand and favourable mineral prices.”
Another economic commentator Mr Peter Mhaka said: “The continued growth in export earnings reflects the resilience of Zimbabwe’s productive sectors, particularly mining and agriculture, which have remained key pillars of foreign currency generation.
“What is critical at this moment is for authorities to remain focused on the value addition and beneficiation agenda so that more value is generated from our resources such as minerals and agricultural products.”
Through the proposed Local Content Act, which authorities expect to operationalise next year, Zimbabwe aims to sustain economic growth by boosting industrialisation, creating jobs and restricting the importation of US$4,5 billion worth of goods that can ordinarily be produced locally.
ZimStat indicated that the latest trade figures further show that three markets accounted for almost nine-tenths of Zimbabwe’s export earnings during the month under review, with the United Arab Emirates maintaining its position as the country’s leading export destination.
The United Arab Emirates imported Zimbabwean goods worth US$448,7 million, followed by neighbouring South Africa at US$201,4 million and China at US$112,8 million.
ZimStat said: “The country’s major export destinations in May 2026 were United Arab Emirates (US$448,7 million), South Africa (US$201,4 million) and China (US$112,8 million).
“The three countries accounted for about 86 percent of the total export value of US$884 million.”
Regional markets also continued to absorb significant volumes of Zimbabwe’s exports.
Within the Southern African Development Community, nickel mattes dominated exports at 47,9 percent, followed by semi-manufactured gold or unwrought gold at 11,7 percent, coke and semi-coke of coal at 7,4 percent, and iron and steel products at 7,1 percent.
Exports to the African Continental Free Trade Area followed a similar pattern, with nickel mattes accounting for 46,1 percent, semi-manufactured gold 11,3 percent, tobacco 7,8 percent, and coke and semi-coke of coal 7,1 percent of total exports to member States.
Although exports recorded strong growth during the month, imports increased at a faster pace.
Imports rose by 12 percent to US$1,08 billion, widening Zimbabwe’s trade deficit from US$169,9 million in April to US$193,7 million in May.
“A trade deficit occurs when a country’s value of imports is greater than that of exports in a given period.
“When the value of exports exceeds the value of imports, it implies a trade surplus,” said the agency.
