Mozambique’s natural gas exports generated $901 million in the first half of 2024, a 33% increase compared to the same period in 2023, according to the central bank’s Semi-annual Balance of Payments and International Investment Position Report.
The rise in natural gas revenue was attributed to increased export volumes, driven by the commencement of gas extraction and exports from Area 4 of the Rovuma Basin.
This growth occurred despite a 28% drop in the average international price of natural gas.
Electricity export revenues also surged from $68 million in the first half of 2023 to $349 million in the same period of 2024, reflecting a 24% growth in the energy sector.
The increase resulted from higher production levels and tariff adjustments introduced by the exporting company for its primary customers.
In contrast, revenues from mineral coal exports fell by 19.3%, generating $1.03 billion compared to the same period in 2023.
The decline was mainly due to a 32% drop in average international coal prices. Other sectors, such as aluminum and heavy sands, also recorded negative performances during the period.
Mozambique’s total import bill declined by 2.6% in H1 2024, amounting to $4.21 billion. South Africa remained the largest source of imports, accounting for 24.6% ($1.03 billion). Key imports from South Africa included electricity, vehicles, iron bars, and corn.
China ranked as Mozambique’s second-largest import partner, contributing 16.2% of total imports, followed by Singapore, India, and the United Arab Emirates, which together accounted for 20.1% of imports, valued at $562.5 million.
Mozambique’s net external debt increased by $257.1 million during Q2 2024, reaching $71.52 billion. However, the central bank reported a reduction in financial resource demands from non-residents by 12.5%.
Economic transactions with the rest of the world resulted in a global surplus of $112 million, bolstering the country’s gross international reserves, which stood at $3.71 billion, sufficient to cover 3.1 to 4.9 months of imports.
The report highlights Mozambique’s growing reliance on natural gas and electricity exports to support economic development, despite challenges in other sectors and external debt pressures.
