Mozambique spent 4.2 billion dollars in imports in the first half of 2024

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Mozambique spent 4.2 billion dollars in imports in the first half of 2024

1:42 CAT | 06 Dec 2024

FILE - For illustration purposes only. [File photo: Notícias]

Mozambique’s bill for the import of goods fell by 2.6% during the first half of the current year, resulting in expenditure of US$4.2 billion.

In a context where Major Projects increased their imports by 4.0%, rising to US$670.2 million, the overall decline was due to the reduction in expenditure on the acquisition of products from other sectors by 3.7%, to a total of US$3.5 billion.

This information is included in the Bank of Mozambique’s most recent balance of payments report, for the first half of the current year.

The report highlights imports of intermediate goods as representing 30.2% of total imports at a cost of US$1,271.6 million, representing a year-on-year reduction of 14.1%.

The acquisition of fertilizers by 62.9%, of base aluminium by 29.2%, construction materials, excluding cement, by 6.8% and fuels by 8.1%.

Consumer goods accounted for 25.2% of total import expenditure, the sector falling 2.6% year-on-year fall to US$1,060.7 million and reflecting reductions in wheat imports of 46.9%, cooking oil (21.3%), medicines (15.0%) and automobiles (3.9%).

The balance of payments summary also mentions that capital goods, which represent 18.7% of the country’s total import bill, recorded a year-on-year reduction of 2.5%, to a value of US$786.0 million.

This performance was explained by a decline in the purchase of machinery of US$18.2 million, or 2.0%, to US$730.2 million.

Source: Notícias