Exports on the rise despite challenges

Mozambique is overcoming economic hurdles such as natural disasters, civil unrest, insurgency and global market turmoil to grow its exports. The value of the country’s exports grew from approximately $5.2 billion in 2020 to about $8.2bn in 2024, despite some slowdown due to weather and political factors in 2024. This was down from a peak export of about $9.67bn in 2022, driven largely by natural gas (LNG exports) and aluminium production growth. The growth is despite fresh challenges in 2025, according to an economic report by the Swiss embassy in Mozambique, which states there has been a slowdown in growth primarily due to political unrest and climate- related disasters. “GDP growth slowed to 2.2% in 2024, with two consecutive quarters of contraction indicating a recession. “Fiscal conditions worsened considerably, with large revenue shortfalls, overspending linked to elections, and surging domestic debt, pushing total public debt to 73.7% of GDP in 2024 and a projected 96.5% in 2025.” This has affected business, with the Standard Bank Mozambique Purchasing Managers’ Index (PMI) declining between July 2024 and June 2025. Another impact is a shortage of foreign exchange, exacerbated by early termination of a three-year $456 million IMF programme and the closure of USAID projects valued at around $600m a year. The Confederation of Mozambican Business Associations (CTA) has warned that foreign currency shortages are a major barrier to efficient operations in manufacturing, agriculture, tourism, mining and logistics. A CIP study found that in February 2024, 63 companies had pending invoice payments totalling $50m. There is, however, an upside. “Despite these challenges, opportunities exist in LNG, clean energy and logistics. Key developments include Eni’s approved Coral Norte floating LNG terminal and the anticipated restart of TotalEnergies’ $20bn LNG project. Mozambique remains strategically positioned as a regional trade hub, though weak infrastructure, customs inefficiencies and corruption hinder its potential,” the embassy advises. ER