Zimbabwe’s export earnings climbed to US$1.01 billion in February 2026, a 4.1 percent increase from the US$969.5 million recorded in January, according to newly released data from the Zimbabwe National Statistics Agency (ZimStat). The performance places the country on a trajectory to replicate or exceed the record export performance achieved in 2025, when total annual earnings surpassed US$9 billion.
The February figures were driven predominantly by semi-manufactured gold, which accounted for 45.7 percent of exports, followed by tobacco at 27.5 percent and other mineral substances at 9 percent. The United Arab Emirates remained the largest destination, receiving US$468.4 million worth of Zimbabwean goods, while China and South Africa accounted for US$346.1 million and US$98.4 million respectively. Collectively, the three markets absorbed approximately 90 percent of the country’s total export value.
Zimbabwe’s export performance in 2025 provided the foundation for this momentum. Total exports for the first three quarters of 2025 increased by more than 26 percent to US$10.3 billion, buoyed by a booming mining sector—particularly gold and nickel—and a 213 percent surge in diamond earnings. The country recorded its first US$1 billion export month in October 2025, a milestone that contributed to a near-fourfold increase in foreign currency reserves, which rose from US$276 million in April 2024 to approximately US$1.2 billion by the end of 2025.
Imports for February 2026 totalled US$963.1 million, a 12 percent increase from the previous month. The main import categories included mineral fuels, machinery, electrical equipment and cereals. South Africa, China, Bahrain and the Bahamas were the principal source markets. The resulting trade surplus stood at US$46.4 million, a 57.7 percent decrease from January’s surplus of US$109.9 million.
Buy Zimbabwe chairman Munyaradzi Hwengwere said the surplus recorded in the first two months of 2026 marked a departure from the deficit position that characterised much of the first half of 2025. He cautioned, however, that the country’s heavy reliance on commodity exports leaves it exposed to external shocks, including potential disruptions from Middle East tensions that could affect mineral earnings. He also pointed to the need to reduce import dependencies on fertilisers, energy and petroleum through local beneficiation, arguing that greater use of domestic raw materials in mining and agriculture would make the trade surplus more sustainable.
Zimbabwe’s export strategy targets annual growth of at least 10 percent, with the aim of reaching US$14 billion by 2030. The horticulture sector, projected to expand by 30 percent annually, is expected to play a significant role in achieving that goal.