Zim Notches US$90.5 Million Trade Surplus

Zimbabwe recorded a goods trade surplus of USD 90.5 million in November 2025, marking a 215.2% increase from the USD 28.7 million surplus recorded in October.

The Zimbabwe National Statistics Agency (ZimStat) revealed that this surge was driven by export growth combined with a sharp contraction in imports.

The monthly surplus was the result of exports amounting to USD 1.046 billion, which exceeded imports of USD 955.8 million, indicating a strengthening external trade position.

“Zimbabwe’s goods trade balance for November 2025 was a surplus of US$90.5 million, a 215.2% increase from the October 2025 surplus of USD 28.7 million,” ZimStat stated in its November 2025 External Trade Report.

The agency noted that the trade outcome reflects the fundamental dynamics of export and import performance.

While exports in November rose only marginally compared to the previous month, imports declined significantly, reinforcing the surplus.

“November 2025 exports amounted to USD 1.046 billion, an increase of 0.4% (USD 4.5 million) from the October 2025 value of USD 1.042 billion,” ZimStat reported.

“Imports for the month totalled USD 955.8 million, which was 5.7% (USD 57.2 million) less than the October 2025 imports of USD 1.013 billion.”

The statistics agency indicated that November’s export earnings were largely underpinned by a narrow range of commodities.

“Among the top ten products exported were semi‑manufactured gold, tobacco (partly or wholly stemmed or stripped), and nickel mattes, accounting for 42.4%, 23.7%, and 17.0% of the total export value, respectively.”

On the import side, energy and capital goods dominated the bill.

“Mineral fuels and oils, machinery and mechanical appliances, cereals, and fertilisers were among the top ten imported products, constituting 20.4%, 10.5%, 7.0%, and 6.4% of the total import value, respectively,” stated ZimStat.

The agency said Zimbabwe’s export earnings were concentrated in a few key markets.

“The country’s major export destinations in November 2025 were the United Arab Emirates (44.4%), South Africa (21.8%), and China (21.2%).

These three countries accounted for about 87% of total export value.”

South Africa remained Zimbabwe’s dominant source of imports.

“The major source countries were South Africa (39.2%), China (15.8%), the Bahamas (7.2%), and Bahrain (6.8%), accounting for around 69% of the total import value.”

ZimStat also indicated strong export performance within regional and continental trade blocs.

The major exports to the Southern African Development Community (SADC) were nickel mattes (74.6%), tobacco (4.4%), coke and semi‑coke of coal (4.1%), and nickel ores and concentrates (3.9%).

Exports to the African Continental Free Trade Area (AfCFTA) followed a similar pattern, dominated by the same four products, which together accounted for about 87% of the total export value of USD 238.5 million to the bloc.

ZimStat concluded that the November trade figures point to a marked improvement in Zimbabwe’s goods trade position, largely supported by mineral exports and restrained import demand.

This resulted in one of the strongest monthly trade surpluses recorded in 2025.