ZIMBABWE’s exports are booming, underscored by a striking 20 percent increase in foreign currency receipts, which climbed to US$12 billion in the first nine months of 2025, up from US$10 billion during the same period last year.
The impressive growth reflects a resurgence in export earnings driven by strong performance in key industries such as agriculture, mining and manufacturing.
Coupled with robust diaspora remittances, this momentum signals a revitalisation of the economy.
Presenting the 2026 National Budget statement in the New Parliament Building last Thursday, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said this growth indicated that the economy continues to perform well and is projected to record a solid 6,6 percent growth this year, after an 8,1 percent expansion in the first half.
The first half saw the recovery and resumption of fast growth, as seen with a record tobacco crop, after last year’s severe drought while the second half is more the usual growth that can be expected.
Zimbabwe’s stellar external sector performance for the first nine months puts the country firmly on course to beat its highest-ever annual foreign currency earnings of US$13,3 billion recorded last year.
Prof Ncube said foreign currency receipts for the first nine months were estimated at US$12 billion, reflecting improved global commodity prices and a steady recovery in key economic sectors.
Export receipts accounted for 59,2 percent of the total inflows while diaspora remittances chipped in with 14,8 percent over the period under review.
Prof Ncube said merchandise exports remained firm, raking in US$7 billion, representing a 33,5 percent increase in the first nine months of 2025.
He also attributed the significant foreign currency inflow growth to the strong performance of gold, tobacco, platinum, ferrochrome and manufactured product exports such as cigarettes and steel.
The strong inflows helped propel the country’s current account surplus to US$961,3 million over the nine months, a substantial increase from the US$31 million recorded in the corresponding period last year.
The surplus means that foreign currency is readily available for productive purposes.
Prof Ncube noted that Government projects the full-year surplus to reach US$1,3 billion in 2025.
“During the period January to September 2025, total foreign currency receipts amounted to US$12 billion, compared to US$10 billion received during the same period in 2024.
“The growth was primarily driven by increases in export receipts, diaspora remittances, and loans to the private sector,” said Prof Ncube.
Going forward, the current account surplus is expected to further improve to US$1,4 billion in 2026, supported by sustained export growth, particularly in minerals and continued strength in diaspora remittances.
Diaspora inflows have remained a pillar of external sector stability, buoyed by the global economic recovery across major regions.
Remittance receipts are forecast to exceed US$2,7 billion this year and US$2,8 billion next year, reinforcing their role as one of the country’s mostreliable sources of foreign currency and fixing any holes in the trading account.
“This surplus is expected to further increase in 2026, underpinned by sustained export growth and strong diaspora inflows,” said Prof Ncube.
A strong external position provides a buffer for the economy, helping sustain import cover and strengthening the outlook for exchange rate stability heading into 2026.
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu earlier this year attributed the substantial growth in foreign currency receipts to two primary factors; global prices for the country’s key mineral exports and a notable increase in remittances from abroad.
Those factors have collectively bolstered Zimbabwe’s foreign exchange earnings, providing a much-needed boost to the country’s economy.
Economist, Mr Tinevimbo Shava, said the significant rise in foreign currency inflows in the first nine months of 2025 was important for Zimbabwe’s economic health.
“These extra dollars help replenish our net international reserves, which in turn boost confidence in the domestic ZiG currency,” he said.
“Stronger mineral export earnings lower the Government’s dependence on volatile portfolio flows and concessional financing, giving the Reserve Bank more room to defend the local unit and manage liquidity.
“At the same time, higher remittances boost household consumption and small business activity, especially in rural and peri urban areas where formal banking channels are limited.”
Mr Shava said combined, these inflows improve macro-economic stability by curbing inflationary pressures and strengthening community livelihoods, thereby supporting both demand and trade activity nationwide.-herald
