Zimbabwe’s merchandise trade surplus grew sharply in July as stronger exports coincided with a decline in imports, giving the country a US$320.6 million positive trade balance for the month.
According data from the Zimbabwe National Statistics Agency (ZimStat), the surplus increased 34.1 percent from US$239.1 million recorded in June.
Export earnings rose 1.9 percent month-on-month to US$1.47 billion from US$1.44 billion, while imports declined 4.5 percent to US$1.15 billion from US$1.20 billion.
The export sector continued to rely heavily on mineral commodities, with semi-manufactured gold emerging as the largest contributor during the month.
Semi-manufactured gold accounted for 34.1 percent of total export value in July, while other mineral substances contributed 21.7 percent. Nickel mattes made up another 13.5 percent.
Combined, the three categories generated almost 70 percent of Zimbabwe’s export earnings for the month, underlining the continued dominance of minerals in the country’s external trade.
Other major exports included nickel ores and concentrates, tobacco, ferro-chromium and coke.
On the import side, ZimStat attributed the monthly decline partly to lower purchases of machinery and vehicles.
The statistics agency said the development could point to a “moderation in industrial capital expenditure” during the period.
Mineral fuels and mineral oils nevertheless remained the biggest component of the import bill, accounting for 22.5 percent of total imports. Machinery and mechanical appliances followed with a 14.5 percent share.
Zimbabwe’s export markets remained concentrated among a small number of trading partners.
The United Arab Emirates emerged as the biggest destination, receiving goods worth US$535.2 million. China followed with US$466.8 million, while South Africa accounted for US$316.4 million.
The three markets together took close to 90 percent of Zimbabwe’s total exports during July, according to ZimStat.
South Africa also remained the country’s largest source of imports, supplying goods worth US$398.6 million.
China ranked second at US$221.1 million, followed by Bahrain at US$76.2 million and Mozambique at US$51.2 million.
The four suppliers collectively accounted for 65 percent of Zimbabwe’s import bill during the month.
Regional trading arrangements also continued to shape the country’s export flows.
Nickel mattes were the leading export to both the Southern African Development Community (Sadc) and the African Continental Free Trade Area (AfCFTA), accounting for more than half of exports to each trading bloc.
The July figures point to a stronger trade position for Zimbabwe, although the composition of exports remains heavily weighted towards minerals.
The widening surplus resulted primarily from higher export receipts and reduced import spending rather than a broad-based expansion across the export basket.
The decline in machinery and vehicle imports will also remain an important indicator for economic activity, particularly if lower capital goods purchases persist in the coming months.