Source: Manhize steel, record gold prices drive highest exports in history – herald
Sunday Mail Reporter
THE impact of the new steel plant in Manhize, which is expected to become the largest in Africa once fully operational, is beginning to be felt in the economy, as the country earned more than US$1 billion in export revenue in October, representing the highest monthly haul in the country’s history.
Record gold prices on the international market also contributed to the stellar performance. Overall, the milestone signalled strong performance across mining, agriculture and emerging industrial value chains.
According to latest data from the Zimbabwe National Statistics Agency (ZimStat), exports reached US$1,02 billion in October, a 20 percent jump from the US$851,1 million recorded a month earlier.
The surge dramatically narrowed the country’s trade deficit to US$3,6 million, down from US$20,7 million the previous month.
The October figures build on months of consistent growth, with exports climbing from US$876 million in July to US$878,2 million in August, before accelerating sharply in October.
However, it is the contribution of iron and steel from Dinson Iron and Steel Company in Manhize — a unit of Tsingshan Holdings, the world’s largest stainless steel producer — that pushed the significant growth in exports.
The building and construction materials sector resultantly posted one of the strongest growth rates across all export categories.
Exports in the sub-sector jumped from US$21,5 million in 2024 to US$86,2 million in 2025, marking a 300 percent increase.
The rise was anchored by semi-finished iron and steel valued at US$41 million, iron and steel bars and rods worth US$17,4 million and unglazed ceramic tiles valued at US$8,8 million, up from US$6 million the previous year. These improvements point to growing capacity in the steel value chain and increased regional demand linked to construction booms in neighbouring countries.
The Manhize steel plant has revitalised downstream industries, created new value-added products and restored Zimbabwe’s presence in regional steel markets.
ZimTrade chief executive officer Mr Allan Majuru said the latest figures reflected the combined impact of improved production capacities, firmer commodity prices and targeted export promotion efforts.
“The 300 percent jump in steel-related products alone shows how much industry is reawakening. Local companies are proving they can compete regionally,” said Mr Majuru.
“The performance reflects the growing strength of Zimbabwe’s productive sectors, the firming global demand for the country’s goods and the deliberate shift towards value addition that the Second Republic continues to promote . . .”
Although Zimbabwe traditionally records stronger export activity in the second half of the year, the scale of the October performance exceeded expectations and placed the country among the top export performers in the Southern African Development Community (SADC) region.
Gold shines brighter
Semi-manufactured gold, processed tobacco and nickel mattes were the top earners in October, contributing 45,2 percent, 14,8 percent and 12,5 percent of total export value, respectively.
The dominant role of gold reflects both the surge in national output and the favourable global prices seen throughout the year.
Rising gold prices, driven by global economic uncertainty, increased demand from central banks and investment markets, significantly boosted Zimbabwe’s export revenues.
Zimbabwe has already surpassed its annual gold production target for 2025.
Output for the 10 months to October surged by 29 percent to a record 41,8 tonnes, compared to 32,4 tonnes over the same period last year.
Gold remains the country’s biggest export earner. According to the Reserve Bank of Zimbabwe (RBZ), gold receipts for the 10 months to October rose by 88,9 percent to US$3,76 billion, up from US$1,9 billion during the same period last year.
All in all, ZimStat data shows that minerals and alloys remained the largest contributor to overall export growth in October.
Export earnings from the mining sector rose from US$4,49 billion in 2024 to US$6,08 billion in 2025, a 35 percent increase driven by gold, platinum group metals, chrome and nickel.
Major export destinations
The United Arab Emirates (UAE), South Africa and China remained Zimbabwe’s top export destinations in October, accounting for nearly 83 percent of total export value.
The UAE alone absorbed 49,8 percent of Zimbabwe’s exports — largely driven by gold — while South Africa and China took 20,6 percent and 12,7 percent, respectively.
Despite the surge in exports, imports also rose during the same month.
October imports reached US$1,02 billion, a 17,8 percent increase from September’s US$871,8 million.
ZimStat attributed the rise to higher purchases of cereals, machinery, mineral fuels, and iron and steel products.
Within regional and global trade blocs, Zimbabwe exported US$32,7 million worth of goods to the Common Market for Eastern and Southern Africa (COMESA) and US$47,1 million to the European union (EU), where tobacco dominated shipments, contributing 85,5 percent of export value.
Under the African Continental Free Trade Area (AfCFTA), exports reached US$278,6 million, led by nickel mattes, tobacco, chromium ores and steel products.
Conversely, Zimbabwe imported goods valued at US$500,3 million from SADC countries, mainly cereals, machinery, mineral fuels and steel products.
Imports from the EU amounted to US$22,1 million, dominated by electrical machinery, mechanical appliances and cereals.
Cumulative export earnings for January to October now stand at US$7,49 billion, putting Zimbabwe on track to close the year at US$9,12 billion, well above the national target of US$8,1 billion.
Economist Mr Persistence Gwanyanya, who is also a member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee, said rising gold shipments were the primary driver of the strong export performance.
He said improved regulation and enhanced transparency in the gold industry had plugged leakages and strengthened official marketing channels.
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