Mozambique flag Mozambique: Economic and Political Overview

Foreign trade figures of Mozambique

Foreign Trade in Figures

Mozambique is open to foreign trade, which represents more than 100% of the country's GDP (World Bank, latest data available). It is a member of the WTO and of the South African Development Community (SADC), and has signed trade agreements with Malawi and Zimbabwe. In February 2018, Mozambique joined the EU–SADC EPA that was signed in June 2016 by Botswana, Lesotho, Namibia, South Africa, and Swaziland. The country also signed the African Continental Free Trade Agreement. The government seeks to reform its trade regulations to improve its business climate and encourage exports. Customs duties remain high and there are numerous non-tariff barriers in the country (such as slow customs clearance procedures). According to data from the Bank of Mozambique, in 2022, mineral coal – the country’s main export - brought in approximately USD 2,852.2 million for the country, marking an increase of USD 1,386.6 million compared to 2021. This surge was fueled by a combination of the global average price rising by over 100% and a 38.1% increase in exported volume. Aluminum generated revenues of USD 1,645.7 million, up from USD 1,258.7 million in 2021, primarily due to a 9.5% increase in the global average price. Revenue from natural gas and heavy sands exports experienced positive growth of 99.5% and 19.5%, respectively. Excluding mineral products, agricultural products and rubies showed significant growth, rising by USD 162.9 million and USD 27.8 million, respectively. As per imports, capital goods contributed 41.4% to total imports, experiencing a more than 100% increase due to a surge in imports of various machinery, 80% of which is attributed to floating platforms. Intermediate goods accounted for 27.6% of total imports. Finally, consumer goods represented 16.4% of the total import bill.

Mozambique's main customers in 2022 were India (21.1%), South Africa (18.3%), the UK (11.9%), South Korea (6.1%), and China (5.2%); whereas imports came chiefly from South Korea (32%), South Africa (15.6%), the UAE (10%), China (7.2%), and India (5.7%).

Mozambique's trade balance is negative and is expected to remain so until exports of coal and gas to Asia develop further. The trade deficit increased recently due to capital goods imports related to construction and liquefied natural gas projects. In 2022, the country exported USD 8.2 billion, importing 14.6 billion (+48.3% and +70.1% year-on-year, respectively – data WTO). In 2022, the foreign trade in services experienced a negative balance of USD 1,447.1 million, equivalent to 8.6% of GDP. Compared to 2021, this reflects a 16.6% improvement in the deficit. Excluding mineral product transactions, the net service import costs amounted to USD 160.9 million, constituting 1% of GDP, reflecting a 56.6% reduction in the negative balance (Bank of Mozambique).

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 7,4286,5148,75814,67110,098
Exports of Goods (million USD) 4,6693,7205,7048,2998,276
Imports of Services (million USD) 2,7622,7782,5572,5752,123
Exports of Services (million USD) 9317818221,128997

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 127.2112.095.1100.2n/a
Trade Balance (million USD) -1,301-2,084-2,294-2,252-5,056
Trade Balance (Including Service) (million USD) -4,831-3,914-4,291-3,987-6,503
Imports of Goods and Services (Annual % Change) 43.4-1.5-22.42.8n/a
Exports of Goods and Services (Annual % Change) 47.9-9.5-27.07.5n/a
Imports of Goods and Services (in % of GDP) 82.379.765.768.8n/a
Exports of Goods and Services (in % of GDP) 44.932.329.331.4n/a

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -2.61.53.01.429.9
Volume of imports of goods and services (Annual % change) -25.050.412.35.2-3.8

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Member of Southern African Development Community (SADC)

Member of African Union

Member of Cotonou Agreement

Member of African Growth and Opportunity Act beneficiary country

 

Main Partner Countries

Main Customers
(% of Exports)
2022
India 21.0%
South Africa 13.5%
United Kingdom 11.9%
South Korea 6.0%
China 5.2%
See More Countries 42.4%
Main Suppliers
(% of Imports)
2022
South Korea 32.0%
South Africa 15.6%
United Arab Emirates 10.0%
China 7.2%
India 5.7%
See More Countries 29.4%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

8.3 bn USD of products exported in 2022
Coal; briquettes, ovoids and similar solid fuels...Coal; briquettes, ovoids and similar solid fuels manufactured from coal 24.2%
Unwrought aluminiumUnwrought aluminium 19.7%
Coke and semi-coke of coal, of lignite or of peat,...Coke and semi-coke of coal, of lignite or of peat, whether or not agglomerated; retort carbon 10.2%
Electrical energyElectrical energy 6.9%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons 6.9%
See More Products 32.2%
14.7 bn USD of products imported in 2022
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships) 31.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 15.5%
Fluorides; fluorosilicates, fluoroaluminates and...Fluorides; fluorosilicates, fluoroaluminates and other complex fluorine salts (excl. inorganic or organic compounds of mercury) 3.5%
RiceRice 2.2%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 1.9%
See More Products 45.2%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Main Services

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2024

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