Exports of goods from Mozambique to the rest of the world yielded US$8.2 billion in 2022, corresponding to 49.2% of GDP and an increase of US$2.6 billion when compared to 2021, according to the annual balance of payments bulletin released last week, by the Bank of Mozambique.
The bulletin records a positive evolution in export earnings, justified by the increase in sales of exported products, with large projects’ exports increasing by US$2.1 billion and the rest of the economy increasing by US$561.4 million.
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“On the side of large projects, the sectors that stood out the most were the extractive industry (mineral coal, heavy sands, natural gas, rubies, sapphires and emeralds), with an increase of US$1.7 billion, followed by the manufacturing industry (aluminium and aluminium cables), with an increase of US$387 million,” the document reads.
Revenues from the export of natural gas recorded a positive evolution of around 99.5%, and heavy sands of 19.5%.
“The increase in natural gas revenues was justified by both the 3.5% increase in the volume exported and the rise in the average price in the international market of more than 100%,” the bulletin details.
In the case of heavy sands, the impetus given by average prices on the international market, which increased by 36%, in a context of stability in production volumes, contributed to the rise.
The central bank report points out that agricultural products also stood out with revenues of US$562.3 million against US$162.9 million in 2021, with the emphasis on vegetables, tobacco, cashew nuts, bananas and cotton.
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In general, the central bank considers that the rise in prices on the international market and the increase in the volume of some products exported were the main reasons for the positive evolution of the revenues of the main products of the large projects in 2022, highlighting “mineral coal, which earned the country around US$2.8 billion, against US$1.3 billion in 2021”.
Aluminium is another product deserving mention, having raised US$1.6 billion in revenue in 2022, against US$1.2 billion the previous year.