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Exports Up 58% to $6.1B in Q3 2024, Driven by Mining

Exports Up 58% to $6.1B in Q3 2024, Driven by Mining

Mozambican exports grew by 58 per cent in the third quarter of 2024, reaching 6.1 billion dollars (389.7 billion meticals).

According to the Bank of Mozambique’s Monthly Summary of Statistical Information, growth was driven above all by the performance of the extractive industry, which accounted for 3.3 billion dollars (210.8 billion meticals), consolidating its position as the country’s main export sector.

Among the most exported products, mineral coal saw a 50 per cent increase, reaching 1.5 billion dollars, approximately 95.8 billion meticals. Natural gas grew even more significantly, with a 63% rise, totalling 1.4 billion dollars (89.4 billion meticals).

‘The Bank of Mozambique emphasises that the growth in exports was driven by the appreciation of the international prices of mineral resources and the increase in global demand for strategic Mozambican products’

Aluminium, another prominent product on the export list, saw a 65% increase, reaching 791.4 million dollars (50.5 billion meticals).

The energy sector also followed the growth trend, with electricity exports up 51 per cent to 535.3 million dollars (34.2 billion meticals). In the agricultural sector, tobacco and cashew nut exports grew by 80.6 per cent, totalling 393.4 million dollars, around 25.1 billion meticals.

In the same period, imports also saw a significant increase of 53%, totalling 6.4 billion dollars (412.5 billion meticals). Growth was driven above all by fuel imports, which rose 51 per cent to 935.9 million dollars (59.8 billion meticals).

The growth trend was also seen in other segments, particularly in the import of consumer goods, which rose by 55%, totalling 1.5 billion dollars (99.9 billion meticals).

The purchase of capital goods, such as machinery and industrial equipment, rose 47 per cent to 1.1 billion dollars (73.9 billion meticals). In the food sector, imports of wheat and rice rose 57 per cent to 495.3 million dollars, which corresponds to 31.6 billion meticals.

The Bank of Mozambique emphasises that the growth in exports was driven by the appreciation of the international prices of mineral resources and the increase in global demand for strategic Mozambican products.

On the other hand, the growth in imports reflects the need to supply the domestic market and investments in industrial equipment and infrastructure in a context of economic expansion.

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