The annual Balance of Payments report, published on the Bank of Mozambique (BdM) website, indicates that India consolidated itself as the main destination for Mozambican exports in 2024, accounting for 18% of the country’s total external sales, amounting to $1.4 billion. According to the document consulted by Diário Económico, the main products exported to India were natural gas and coal, followed by dried legumes and cashew nuts.
China ranks second among the top buyers, with imports valued at $1.3 billion. Key products sold to the Chinese market include natural gas, oilseeds and fruits, heavy sands, and coal. Meanwhile, BdM reveals that South Africa was the third-largest importer, accounting for 15% of total exports. Its purchases totaled $1.2 billion, with natural gas, electricity, coal, and bananas standing out.
Singapore appears in fourth place, with exports amounting to $715 million (representing a 9% share). Prominent products exported there include aluminum bars, natural gas, tobacco, and seeds.
The report describes South Korea as the fifth largest export destination, absorbing $406 million. The main products bought were coal, natural gas, and tobacco.
In total, goods exports reached $8.2 billion in 2024, equivalent to 37.2% of the Gross Domestic Product (GDP), representing a 1% reduction compared to 2023. Last year saw a 5% drop in exports from the traditional economy, while exports from large projects (dominated by the extractive industry) recorded a slight increase of 0.5%.
“The reduction in exports from the traditional economy, about $96 million, was essentially due to decreased sales of rubies, valued at $153 million, as a result of several combined factors, such as a decline in ruby quality affecting auction prices, and post-election tensions that impacted production,” the report explains.
Text by: Cleusia Chirindza
