Mozambique’s trade deficit experienced a sharp surge in 2025, reaching $797.6 million (€676.5 million) as the country grappled with a significant drop in export revenue and rising costs for essential imports.
According to the annual Balance of Payments report released today by the Bank of Mozambique, this represents an annual worsening of $632.8 million.
The primary driver of this imbalance was a 32.3% collapse in exports, which fell to $7.794 billion. This decline was heavily influenced by a 7.1% contraction in exports from “Major Projects,” particularly within the extractive industry, which typically serves as the engine of the Mozambican economy.
In contrast, exports from the “traditional economy” saw a marginal increase of 1.4%, which was insufficient to offset the losses in the industrial and mining sectors.
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On the other side of the ledger, imports rose by 35.6%, totaling $8.591 billion. This growth was fueled by the procurement of intermediate and consumer goods, with significant spending on:
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Fuel and energy products
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Industrial machinery and equipment
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Food products
Geographically, India remained the top destination for Mozambican goods, absorbing 20% of all exports. South Africa maintained its position as the leading supplier, accounting for more than a quarter of all goods entering the country.
This trade imbalance has contributed to a broader deterioration of Mozambique’s current account deficit, which grew by 27.6% to nearly $3.181 billion. Now representing 13.2% of the nation’s GDP, the deficit is placing increased pressure on the country’s external financing requirements and foreign exchange reserves as it moves through the second quarter of 2026.
