Mozambican extractive industry exports grew by 3.2% in the first half of 2024, totalling 140.9 billion meticals (2.2 billion dollars), according to the Bank of Mozambique in its balance of payments report. This positive performance was mainly driven by exports of natural gas and electricity.
Natural gas exports generated revenues of 57.6 billion meticals (901 million dollars), an increase of 33 per cent compared to the same period in 2023. This increase is due to the increase in the volume exported, associated with the start of gas exploration and exports in area 4 of the Rovuma basin, against a backdrop of a 28 per cent drop in the average international price.
Electricity, in turn, generated revenues of 22.3 billion meticals (349 million dollars), representing an increase of 24 per cent compared to the same period last year. This growth is the result of tariff adjustments implemented at the end of 2023 and beginning of 2024, which boosted revenues from the exporting company’s main customers.
Meanwhile, some products from the extractive industry fell. Mineral coal, although it remains one of the main exported products, generated revenues of 65.5 billion meticals (1.025 billion dollars), representing a decrease of 19.3 million dollars (1.2 billion meticals) compared to the same period in 2023. This performance was influenced by the 32 per cent drop in the average price on the international market.
Aluminium exports totalled around 30.6 billion meticals (480 million dollars), a decrease of 15%. This reduction is due to the decrease in the volume exported, caused by breakdowns in the equipment of the main producing company in 2023.
The report emphasises that exports from the extractive industry reflect the importance of the Major Projects in the Mozambican economy, contributing significantly to the positive balance of trade in the first half of 2024.
Text: Felisberto Ruco
