Mozambique's trade deficit more than doubled in the first half of 2026, reaching $89 million, even as the current account deficit narrowed by nearly 39%. The figures are drawn from a government review of the January-to-June period and show that the widening trade gap was driven primarily by rising imports, with exports remaining broadly flat.
According to the Ministry of Finance, as cited by Lusa, the trade balance recorded a deficit of $89 million, the result of exports exceeding $1.8 billion and imports of $1.9 billion. In the first half of 2025, the trade deficit had stood at $43 million, meaning the imbalance more than doubled over the same period this year.
Exports remained virtually unchanged compared with the first half of 2025, when they also surpassed $1.8 billion. Imports, however, grew by 2.4% to $1.9 billion over the period under review.
The increase in imports, without a corresponding rise in exports, widened the trade deficit — which measures the difference between the value of goods exported and imported by the country. Despite this outcome, large-scale projects continued to represent the principal source of Mozambican exports.
According to the report, exports from large projects increased by 0.5%, holding at approximately $1.5 billion. Outside these ventures, exports declined by 2%, from $390 million to $382 million, reflecting a contraction in export value from other sectors of the economy.
Measured against 2026 annual targets, exports recorded between January and June corresponded to 21.97% of the full-year objective, while imports represented 20.34% of the projected annual total. In other words, by the end of the first half, just over one-fifth of the annual targets had been met on both the export and import sides.
In response, the government has identified the need to boost domestic production and strengthen export capacity. "These execution levels, ranging between 20% and 22% of annual targets, highlight the need to stimulate domestic production, reinforce export capacity, and accelerate the implementation of major investment projects during the second half," the document states.
Despite the deterioration in the trade balance, the current account showed a positive trajectory. The deficit narrowed from $588 million in the first half of 2025 to $359 million in the same period this year, a reduction of nearly 39%. The current account has a broader scope than the trade balance, encompassing not only trade in goods but also services, income flows, and transfers between Mozambique and the rest of the world.
The government attributes this improvement to the favourable performance of other external account components, notably a positive services balance of $158 million and a primary income balance of $113 million. The report further notes that "the financial account recorded a net capital inflow" of $143 million, also contributing to the overall external accounts position in the first half.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/11/negocios/comercio/defice-comercial-mais-do-que-duplicou-no-primeiro-semestre/
