Mozambique: Exports generate 3.8 billion dollars in H1

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Mozambique: Exports generate 3.8 billion dollars in H1

2:29 CAT | 14 Nov 2024

File photo: Banco de Moçambique

Export revenues reached US$3.851 billion in the first half of this year, representing an increase of 3.2 percent compared to the US$3.732 billion earned in the same period of 2023.

This increase of US$119 million was above all influenced by large-scale projects, which continue to be the largest sources of state revenue .

The data is included in the balance sheet of the Economic and Social Plan and State Budget for the third quarter of the current year and which assesses the government’s performance from January to September and the degree of implementation of the Government Five-Year Plan (PQG 2020-2024).

According to the document, the Extractive Industry exported the equivalent of US$2,204.67 million, 57.2% of the total, representing a growth of 3.2% compared to the same period in 2024.

Coal earned the most in this sector, totalling US$1,025.00 million dollars, although it fell by 1.8%, followed by natural gas, with a contribution of 33.1%.

Agriculture sold goods worth US$217.83 million dollars to the world, representing 5.7% of total exports and an increase of 19.8%.

Tobacco was the main agricultural product exported, followed by pulses and vegetables.

Cashew nuts and cotton saw falls of 28.0% and 70.7% respectively.

Meanwhile, the manufacturing industry accounted for US$608.29 million in exports, representing 15.8%, despite a 12.2% drop. Aluminium was the main product, followed by sugar, with an increase of 36.4%.

In contrast, imports decreased by 2.5% compared to the same period of 2023.

The Bank of Mozambique’s balance sheet indicates that, in the first half of the year, purchases of goods abroad reached US$4.321 million, compared to US$4.21 million in 2023, with fuel and construction materials standing out.

This decrease occurs at a time when the financial system is facing difficulties in providing foreign currency, affecting the payment of invoices abroad.

Source: Notícias