Maputo, 10 Aug (AIM) – The sale of Mozambican goods to the rest of the world earned the country 1.7 billion dollars over the first quarter of 2023, an increase of USD 4.4 million when compared to the same period in 2022, according to the Quarterly Balance of Payments Report, unveiled by the Bank of Mozambique.
“The positive evolution registered in export revenues is essentially justified by the growth in sales of products exported by mega-projects, with emphasis on the extractive industry (natural gas, heavy mineral sands and rubies, sapphires and emeralds), with an increase of USD 280.1 million”, says the document, explaining that “exports of products from other sectors of the economy, such as manufacturing (aluminium) and energy, recorded declines in sales by USD 140.7 million and USD 8.8 million, respectively.
The document says that India, with USD 288.8 million dollars, occupied the top position as the main destination of exports, with a weight of 17 per cent of total exports. The main Mozambican exports to India were coal, cashew nuts, and vegetables.
South Africa was in second place taking 15.1 per cent of Mozambique’s exports, valued at 256.6 million dollars. It was the main purchaser of Mozambican electricity (from the Cahora Bassa dam), and of the natural gas produced onshore in Inhambane province.
Sales to the United Kingdom, with a weight of 8.1 percent of total exports, earned the country revenues of 137.4 million dollars, notably from aluminium, and liquefied natural gas.
Exports to Croatia gave the country revenues of 117.5 million dollars (6.9 per cent of total exports), with the main products exported being natural gas, coal, and tobacco.
China, with a share of 6.5 per cent of Mozambique’s total exports, purchased heavy mineral sands, graphite, oilseeds and fruit.
“In the period under review, the bill for the import of goods fell by around 66.1 per cent, to two billion dollars, essentially reflecting the 94.8 per cent reduction in imports by the mega-projects, compared to the 28.9 percent increase in the import bill for the rest of the economy”, explained the note.
The document also says that imports of goods in the first quarter of 2022 were influenced by the registration of the arrival of the Coral Sul liquefied natural gas (FLNG) floating platform, as part of gas production in area 4 of the Rovuma basin, valued at around USD 4.6 billion. Excluding that amount, data for the first quarter of 2023 show an increase of 8.4 per cent compared to the same period in 2022.
South Africa ranked first as the main country of origin of Mozambican imports, with a weight of 23.2 per cent of total imports, amounting to 481 million dollars.
“China, with a weight of 14.4 per cent of total imports, ranked second as the main supplier of goods to Mozambique, with emphasis on the supply of electrical appliances, agricultural materials, tractors and fuels The United Arab Emirates, with a contribution of 12.7 per cent of total imports, ranked third,”, reads the document.