Higher external demand for Mozambican products boosted exports in the first quarter of 2022.
Figures from the Bank of Mozambique indicate that, in the period in question, the value of exports increased by US$724 million against the same period of the previous year.
Of this, US$575 million was allocated to major projects, reflecting the combined effect of the increase in the volume and price of goods on the international market.
The most recent Bank of Mozambique Economic Outlook and Inflation Prospects Report (CEPI), from July, details that imports stood at US$1.6 billion in the first quarter of 2022, against US$940 million recorded in the same period of 2021, an increase of US$724 million.
“The sectors that contributed the most to total exports were extractive and industrial, with emphasis on mineral coal and aluminium,” the CEPI reads.
Import bill goes up
However, and as usual, imports surpassed exports.
The report indicates that the import bill in the period under analysis was US$6.2 billion, US$4.7 billion more than in the first quarter of 2021.
CEPI reports that the increase in import values results in significant part from the arrival of the Coral Sul FLNG floating platform in the first quarter of 2022 (specifically in January), for use in the Rovuma Basin Area 4 project.
In the short and medium term, exports are expected to continue to increase, favoured by the anticipated start of natural gas exports in the fourth quarter of 2022.
Carta de Moçambique