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Foreign Trade in Figures

The Zimbabwean Government is generally open to foreign trade, which accounts for 51% of its GDP, according to the latest World Bank estimates. In the context of economic and regional integration, the country has strengthened its ties with the SADC (Southern African Development Community) member countries and levies lower duties on imports from such countries. However, the strict control of trade exercised by the government and the relatively high customs duties make the country difficult to access. There are other barriers that continue to impact trade such as the lack of long-term economic and political reforms, state control over companies, insecurity, and a lack of skilled labour forces. The country mainly exports gold (25%), unmanufactured tobacco (16.5%), nickel mattes (13.7%), vermiculite (12.2%), and nickel ores (9%);  whereas imports are led by petroleum oils (16.9%), motor vehicles for transport of goods (3.0%), nitrogenous fertilisers (2.6%), soya-bean oil (2.3%), and motor cars (2.2% - data Comtrade 2023).

In 2023, Zimbabwe's main export partners were South Africa (30.9% of total exports), the United Arab Emirates (26.4%), China (17.7%), Mozambique (5.5%), and Belgium (2.9%). South Africa was also the main import origin (38%), ahead of China (14.9%), Bahamas (5.1%), Singapore (5.0%), Bahrain (3.5%), and Mozambique (3.1% - data Comtrade). The country was once a major agricultural exporter, but today it imports foodstuffs and manufactured goods in large quantities. This is mainly due to land expropriation and state-owned enterprises distorting the economy, as well as government intervention, inadequate supervision, and political instability that undermine the financial system. This economic change has significantly damaged the country's trade balance, which is now in deficit.

According to data by WTO, in 2023, exports of goods amounted to USD 7.22 billion (+9.7% year-on-year), while imports reached USD 9.21 billion (+6.4%). Over that same period, services exports amounted to USD 507 million, while imports reached USD 1.41 billion. The country’s trade balance for goods and services was negative by 7.6% of GDP (from 9% one year earlier – data World Bank). The latest data from the Zimbabwe National Statistics Agency (ZimStat) shows that imports increased by 4% to USD 9.5 billion, while exports rose by 3% to USD 7.4 billion compared to 2023. The country’s trade deficit widened by 6% to USD 2.1 billion in 2024, driven largely by higher grain and fuel imports.