Gas, coal, cashew and beans: India remains Mozambique’s largest importer in Q1

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Gas, coal, cashew and beans: India remains Mozambique’s largest importer in Q1

6:10 CAT | 15 Aug 2024

FILE - For illustration purposes only. According to data from a report on foreign trade for the first quarter of 2024 from the central bank, India bought mainly natural gas and coal, the two main Mozambican export products, but also dried vegetables and cashew nuts. Pictured: a view of Nacala port, in Nampula province, Mozambique. [File photo: Notícias]

India was once again the country that bought the most from Mozambique in the first three months of this year. Exports to India were worth US$331 million (€303 million), equivalent to 18.8% of all Mozambican exports in the period.

According to data from a report on foreign trade for the first quarter of 2024 from the Bank of Mozambique, to which Lusa had access this Wednesday, India bought mainly natural gas and coal, the two main Mozambican export products, but also beans and cashew nuts.

South Africa, with 16.9% of total exports, valued at US$298.5 million (€273.2 million), slightly increased the weight of purchases from Mozambique – 16.3% in the same period of 2023 – “with the emphasis” on electricity, natural gas, coal and bananas, reads the report.

South Korea, with a weight of 11.4% of the total, was the third-largest export market from January to March, worth US$202 million (€185 million), “an increase of more than 100% compared to the same period in 2023”, mainly led by coal and natural gas.

In the same period, China increased its purchases from Mozambique year-on-year, by 79.1%, reaching US$197 million dollars (180.3 million euros) in the first quarter, equivalent to a share of 11.2%, mainly natural gas, heavy sands, natural sands and coal.

In the first quarter of 2024, Mozambique’s total exports amounted to US$1,764 million (€1,615 million), a slight increase of US$53 million (€48.5 million) compared to the same period in 2023.

In the opposite direction, South Africa was once again the country that sold the most to Mozambique in the first quarter, worth US$481 million (€440.2 million) – 23.2% of Mozambique’s total imports, mainly electricity, vehicles for transporting goods, corn, electrical appliances and iron bars.

With a weight of 17.9%, China saw its sales to Mozambique grow by 21.4% year-on-year, to the equivalent of US$361.3 million (€330.7 million), supplying mainly tractors, ships and boats for transport, pesticides, seeds and fruits, and agricultural materials during this period.

The United Arab Emirates accounts for 8.1% of Mozambique’s imports in the first three months, registering a year-on-year reduction of 37.9%, to US$163 million (€149.2 million), mainly in fuels, agricultural materials, soybeans and oils, while India sold US$150.7 million (€138 million) – 1.9% less than in 2023 – mainly fuels, rice and medicines.

In the first three months of 2024, the central bank report indicates, “the import bill for goods fell by 2.5%”, to US$2,020 million (€1,849 million).

Source: Lusa