Zimbabwe’s Economy Rebounds With Strongest Export and Forex Surge in Years

In 2025, Zimbabwe’s export performance was driven by three key commodities — semi-manufactured gold, tobacco, and nickel mattes — which played a central role in the country’s economic rebound.

Gold deliveries reached 8,496.4 kilograms in the first quarter, up 40.6 percent from 2024. Export earnings for the first half of the year totaled $1.8 billion, more than double the $870 million recorded a year earlier, fueled by global gold prices approaching $4,000 per ounce. By September, tobacco exports reached 116.76 million kilograms, earning $633.6 million, with nearly half sold to Far East markets.

Nickel mattes further bolstered industrial exports, generating $138.95 million in May and representing a key share of trade within SADC and AfCFTA regions. Collectively, these sectors reinforced Zimbabwe’s resilience, expanded its export diversity, and strengthened its standing in global commodity markets.

African Currents spoke with two Zimbabwean officials about the country’s economic data and monetary policies.

During the interview, Mrs. Tafadzwa Bandama, Director General of the Zimbabwe Statistical Agency, explained the factors behind the recent positive signals in her country’s economy.

"Our data shows that growth is led by high performing commodities in the primary industries, namely mining and agriculture. And the dominant products include gold, ferrochromium and tobacco, as well as nickel products. For more inclusive growth, broadening the export base for the country could help Zimbabwe in many facets. This includes value addition of our raw materials to supporting other sectors such as manufacturing and services," Bandama explained.

Dr. Persistence Gwanyanya, economist and Monetary Policy Committee member at the Reserve Bank of Zimbabwe, highlighted how soaring exports and forex inflows are strengthening Zimbabwe’s economic recovery.

"We are happy and amused by the growth that we've experienced. It's an all time historic growth in exports. Our exports are now approaching $7 billion [...]. It is unsurprising that during the period of one year or so we have experienced relative stability in the economy. It's largely to do with the performance of the positive trade balance [...]. We operate a foreign currency surrender which entails surrender of 30 percent of all export proceeds to the government and reserve bank market [...]. So Zimbabwe's fiscal and monetary policies have mainly been the key driver of the stability we are seeing now in the economy," Dr. Gwanyanya said.

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