HomeEnergy MineralsCoal not yet saving the day for Mozambique

Coal not yet saving the day for Mozambique

Maputo, Mozambique — 19 November 2012 – Mozambique’s balance of trade posted a deficit of US$687 million in the first half of this year, despite the fact that the country started exporting coal about a year ago, and that goods imports have fallen by 2.6%.

Reporting this here Macauhub News Agency quoted the Mozambican daily newspaper O País as saying that coal, which contributed US$196.4 million, was the second-largest export product in the first half of the year, but was not enough to offset the trade deficit.

The Bank of Mozambique issued statistics which showed that in the first half of the year Mozambique’s exports totalled US$1.8 billion, a rise of 3.6% against the same period of 2011. in The Mozal aluminium foundry saw its turnover fall significantly over the same period due to a drop in the international aluminium price.

The central bank’s “Economic Climate and Inflation Outlook,” report noted that aluminium, with a contribution of US$579.6 million, remained Mozambique’s largest single export product.

Source: Macauhub News Agency. For more information, click here.