Mozambique’s natural gas exports surged to $567.7 million in the first quarter of 2025, a 28% year-on-year increase that officially unseated coal as the nation’s leading export.
The Bank of Mozambique attributed this growth to a rise in export volumes from the Rovuma basin and a 12.8% increase in the international gas price.
Conversely, coal exports fell by 35% to $300.8 million due to mine paralysis, weather-related rail disruptions, and post-election road blockades that restricted worker movement. Aluminium also outperformed coal, reaching $380.7 million in exports.
The boom in gas has significantly boosted state revenues, with $210 million collected from oil and gas exploitation in the first half of 2025 alone—a figure that already surpasses the total for all of 2024. These revenues are being channeled into the Mozambican Sovereign Fund (FSM), with the funds deposited in a transitional account at the central bank as mandated by law.
This shift underscores the growing importance of Mozambique’s vast natural gas reserves. Since exports began in 2022, 135 shipments have been sent, primarily to BP under a long-term agreement. The country’s potential is immense, with three major development projects in the Rovuma basin. A recent study estimated the reserves could generate $100 billion in future revenue, positioning Mozambique as Africa’s sixth-largest gas producer this year even before its largest projects become fully operational.