Mozambique’s exports fell by 5 percent in 2014 to US$3.916 billion whilst imports fell 6.2 percent, the Bank of Mozambique (BM) said Wednesday in Maputo.
Overall, the value of imports stood at US$7.951 billion, against US$8.479 billion in 2013, the Mozambican central bank said in the “Economic Situation and Inflation Prospects,” report to which Macauhub had access.
However, excluding large projects, the fall in exports was 22.8 percent (US$1.486 billion), while for imports the drop was just 1.2 percent (US$6.549 billion), the document showed.
Tobacco was the largest export product amongst traditional products, with over US$200 million, ahead of wood, sugar and cotton, each with a value exceeding US$100 million.
Amongst major projects aluminium was the product with the highest export value, although it fell from US$1.0632 billion in 2013 to US$1.0523 billion in 2014. Coal exports fell by US$12.2 million to US$490.7 million.
Exports of electricity performed well, increasing by US$85.2 million to US$355.3 million, as did gas, with an increase of US$110.3 million (US$339.9 million) and heavy minerals, an increase of US$56.5 million (US$191.3 million).
Amongst imports fuel accounted for the largest portion of Mozambique’s import bill, costing in excess of US$1.2 billion.
The central bank noted that lower international commodity prices was having a positive impact on Mozambique in terms of fuel imports, but a negative impact in terms of exports of products such as coal, tobacco and cotton.
The Bank of Mozambique said gross domestic product growth stood at 7.4 percent in 2014, noting that the devaluation of the metical caused a drop of US$393.4 million in net international reserves during the first quarter of 2015.
Despite the impact of floods in the first two months of the year and the devaluation of the metical, inflation has remained stable and in line with the government’s forecast (around 5.1 percent), the central bank said. (macauhub/MZ)