Zimbabwe’s external trade position strengthened in November 2025, with the country recording a goods trade surplus of US$90,5 million, representing a 215,2 percent increase from the US$28,7 million in October 2025, according to the Zimbabwe National Statistics Agency (ZimStat).
In its latest External Trade Statistics report, ZimStat said, “The resulting trade balance amounted to a surplus of US$90,5 million, a 215.2 percent increase from the October 2025 surplus of USD 28.7 million.”
The improvement in the trade balance was underpinned by a combination of stable export earnings and a significant reduction in the import bill during the month.
ZimStat data shows that exports in November 2025 amounted to US$1 046 billion, reflecting a marginal increase of 0,4 percent from US$1 042 billion recorded in October.
While export growth was modest, the sharp decline in imports played a decisive role in widening the surplus. Imports for the month stood at US$955,8 million, down 5,7 percent from US$1 013 billion in October 2025.
ZimStat noted, “Imports decreased to US$955,8 million, a 5,7 percent drop, creating favourable conditions for a stronger trade balance outcome.”
Explaining the significance of the outcome, the agency reiterated the basic definition of trade performance, stating, “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.”
Zimbabwe’s export earnings in November remained heavily concentrated in mineral and agricultural commodities, with semi-manufactured gold continuing to anchor foreign currency inflows.
ZimStat reported that among the top 10 products exported in November 2025 were semi-manufactured gold, accounting for 42,4 percent, tobacco 23,7 percent and Nickel mattes, which chipped in with 17 percent.
The data shows that industrial supplies accounted for 95,8 percent of total exports by broad economic category, underlining the dominance of mining-related exports in Zimbabwe’s trade structure.
Other notable export products during the month included ferro-chromium, chromium ores and concentrates, coke and semi-coke of coal, nickel ores and concentrates, and non-alloy pig iron.
In terms of export destinations, the United Arab Emirates emerged as Zimbabwe’s single largest market. ZimStat stated, “The United Arab Emirates (UAE) was the predominant destination, accounting for 44,4 percent of all export earnings.”
South Africa and China followed closely, accounting for 21,8 percent and 21,2 percent respectively. “The five major countries accounted for about ninety percent of the total export value of US$1046,2 million,” ZimStat said.
Regional markets also remained critical. Exports to SADC were largely driven by nickel mattes, while shipments under the African Continental Free Trade Area (AfCFTA) were similarly dominated by mineral products.
On the import side, ZimStat data shows that industrial supplies constituted the largest share of imports in November, accounting for 39,5 percent, followed by fuels and lubricants at 19,2 percent.
The agency noted, “Industrial supplies comprised 39,5 percent of goods imported in November 2025, followed by fuels and lubricants at 19,2 percent.” Capital goods, excluding transport equipment, accounted for 17,1 percent, while food and beverages made up 10,7 percent of the import bill.
Major imported products included mineral fuels, machinery and mechanical appliances, cereals and fertilisers, reflecting Zimbabwe’s continued reliance on external markets for energy, equipment and food inputs.
South Africa remained the dominant source of imports. ZimStat reported, “South Africa dominates imports with 39,2 percent share, followed by China at 15,8 percent, with the Bahamas and Bahrain also featuring prominently.” Collectively, the top four countries account for nearly 70 percent of total imports.
The sharp rise in the trade surplus is expected to support foreign currency availability and ease pressure on the balance of payments. However, analysts caution that the sustainability of the surplus will depend on broadening the export base, increasing value addition and maintaining disciplined import management.
As the November figures demonstrate, even modest export growth combined with a contraction in imports can deliver a significant improvement in the trade balance and development policymakers will be keen to consolidate going into 2026.-herals
