Online Reporter
Ivan Zhakata
Herald Correspondent
ZIMBABWE’s export earnings rebounded to surpass the US$1 billion mark in February, underlining a sustained growth momentum and marking the fourth time in the past five months that the country has breached the milestone.
The country recorded US$1,01 billion in export receipts during the month, up from US$969,5 million in January — the only month in the five-month period in which earnings fell short of the US$1 billion threshold.
The February performance extends a strong run that began late last year when export earnings reached US$1,042 billion in October, rising to US$1,046 billion in November and peaking at US$1,142 billion in December.
The solid start to the year follows a record-breaking 2025, in which Zimbabwe generated more than US$16 billion in foreign currency receipts — the highest since independence and nearly triple the US$5,5 billion recorded in 2017 before the advent of the Second Republic.
The sustained growth reflects the efficacy of Government’s export-led economic growth strategy, underpinned by macroeconomic stabilisation measures, increased mineral and agricultural output and rising diaspora remittances.
Despite the strong export performance, a surge in imports narrowed the country’s trade surplus to US$46,5 million in February, down from US$109,9 million in January.
Presenting the February 2026 External Trade Statistics, Zimbabwe National Statistics Agency (Zimstat) balance of payments and finance statistics manager Ms Mable Chimhore said exports grew by 4,1 percent during the month.
“In February 2026, exports increased to US$1,01 billion, while imports rose by 12 percent to US$963,1 million. The resulting trade balance amounted to a surplus of US$46,5 million, representing a 57,7 percent decrease from the January 2026 surplus,” she said.
Exports continued to be dominated by minerals and agricultural products, with semi-manufactured gold accounting for 45,7 percent of total export earnings.
Tobacco followed at 27,5 percent, while other mineral substances contributed 9 percent.
“Among the top 10 products exported in February 2026 were semi-manufactured gold (45,7 percent), tobacco (27,5 percent) and other mineral substances (9,0 percent),” Ms Chimhore said.
Industrial supplies remained the backbone of exports, accounting for 95,9 percent of all goods exported during the month.
On export destinations, the United Arab Emirates remained the leading market, accounting for 46,4 percent of total exports, followed by China (34,3 percent), South Africa (9,8 percent), Indonesia (1,7 percent) and Zambia (1,4 percent).
Collectively, the five countries accounted for about 94 percent of Zimbabwe’s export earnings.
On the import side, mineral fuels, mineral oils and related products topped the import bill at 18,6 percent, followed by machinery and mechanical appliances (14,9 percent), electrical machinery (9,1 percent), cereals (7,3 percent) and vehicles (6,7 percent).
South Africa remained the country’s largest source of imports at 35,2 percent, followed by China (22,4 percent), Bahrain (8,7 percent) and the Bahamas (3,8 percent), with the four countries accounting for nearly 71 percent of total imports.
The continued growth in export earnings has been largely driven by strong performance in mining and agriculture, which remain the backbone of Zimbabwe’s foreign currency generation.
The Reserve Bank of Zimbabwe (RBZ) expects foreign currency receipts to remain robust this year, supported by firm global commodity prices, increased mineral output and sustained diaspora remittance inflows.
Gold continues to anchor export earnings, benefiting from high international prices and increased deliveries, particularly from small-scale miners following Government’s formalisation drive, improved access to financing and enhanced incentives under the gold mobilisation programme.
Other key minerals, including lithium, platinum and chrome, are also expected to contribute significantly, buoyed by sustained global demand from the electric vehicle and manufacturing sectors.
Agriculture remains a critical pillar, with tobacco once again delivering strong export earnings following another successful marketing season.
In recent years, Government has intensified efforts to promote value addition, diversify exports and incentivise production, measures that have improved the ease of doing business, attracted investment into key sectors and positioned Zimbabwe to capitalise on global demand for industrial metals and battery minerals.
In addition to exports, diaspora remittances continue to play an increasingly important role in supporting the country’s foreign currency inflows.
