Zimbabwe Trade Surplus Shrinks 52% in January

Zimbabwe recorded a trade surplus of US$113.7 million in January 2026, a sharp 52.6% decline from the US$240.1 million surplus registered in December 2025, according to data released by Zimbabwe National Statistics Agency.

In its January 2026 external trade update, ZimStat said: “Zimbabwe’s goods trade balance for January 2026 was a surplus of USD113.7 million, a 52.6% decrease from the December 2025 surplus of USD240.1 million.”

The contraction in the surplus was largely driven by a steep drop in export earnings. ZimStat reported that “January 2026 exports amounted to USD969.4 million, a decrease of 15.1% (USD172.3 million) from the December 2025 value of USD1.142 billion.”

Imports also declined, but at a slower pace. “Imports for the month totalled USD855.7 million, which was 5.1% (USD46.0 million) less than the December 2025 imports of USD901.7 million,” the agency said.

While the country maintained a positive trade balance, the sharper fall in exports relative to imports significantly narrowed the surplus margin.

The data points to weakening export momentum at the start of the year, raising questions about the sustainability of recent trade gains if export performance does not stabilise in the coming months.