Zimbabwe has extended its run of positive trade results into the new year, posting a trade surplus of US$114 million in January 2026, its fourth consecutive monthly surplus, according to newly released official data.
The result marks a continuation of the country’s improving trade position, though the figure represents a sharp pullback from a US$240,1 million surplus recorded in December 2025, a decline of 52,6 percent month on month.
Data published by the Zimbabwe National Statistics Agency (Zimstat) show that exports in January 2026 reached US$969,4 million, down 15,1 percent from US$1,142 billion in December 2025. Semi-manufactured or unwrought gold remained the dominant export, contributing 51,5 percent of the total, followed by tobacco at 24,3 percent and nickel mattes at 7,5 percent, together accounting for the lion’s share of the month’s outbound trade.
On the import side, the country’s January bill came to US$855,7 million, a 5,1 percent reduction from the US$901,7 million recorded in December 2025. Mineral fuels, mineral oils and their derivatives, machinery and mechanical appliances, electrical equipment, and cereals featured prominently among the top ten imported goods.
Business advocacy group Buy Zimbabwe welcomed the surplus, saying it reflected the country’s gradual progress towards macroeconomic stability.
Communications and advocacy officer Elvis Masvaure said the mining and agriculture sectors remained the primary engines behind the positive trade outcome.
“The trade surplus supports the current account balance and improves foreign exchange liquidity, strengthening fiscal revenue through royalties, corporate taxes and export-related charges,” Masvaure said.
He added that rising external demand for Zimbabwean goods and minerals was also translating into tangible domestic employment benefits.
Economic analyst Michael Gwandu cautioned, however, that sustaining the streak would require deliberate structural intervention rather than simply riding favourable commodity conditions.
“The trade surplus is a step in the right direction. The challenge now is to convert this momentum into long-term resilience by anchoring growth in local production, value addition and strategic import substitution,” he said.
Gwandu urged policymakers to use the current window to broaden Zimbabwe’s export base beyond its traditional reliance on raw commodities, warning that the surplus remained vulnerable without deeper diversification.
“The sustainability of the trade surplus will depend on widening the export base, increasing value addition and maintaining disciplined import management,” he added.