The current account deficit between Mozambique and the rest of the world worsened to 520.9 million dollars at the end of the second quarter, almost double that of the same period in 2022.

According to the data contained in the Bank of Mozambique's report on the country's balance of payments in the second quarter, the worsening of the negative current account balance reflects "the increase in the deficit of the goods account," by around 118 million dollars, "largely justified by the reduction in exports from Major Projects, by 11.2%."

In addition, the negative balances of the primary income and services accounts in the second quarter "grew by 189.8 million dollars and 47.5 million dollars respectively", in this case "influenced by the operations carried out by the Major Projects".

Excluding Major Projects - relating to the large investments underway in the country, essentially in the gas and mining sectors - Mozambique's negative current account balance even "decreased by 18.7%", standing at 1,172 million dollars.

In this case, it reflects "the improvement in the deficits of the primary income and goods accounts by 32.3% and 11.5%, respectively, and the increase in the surplus balance of current transfers by 27.9%".

Meanwhile, the report, cited by Lusa, identifies, in the goods account balance, that exports in the second quarter fell by 8.2% compared to the same quarter last year, to 2,012 million dollars, while imports fell by 2.6%, to 2,248 million dollars.

In accumulated terms, since the beginning of the year, the deficit in the partial goods account has fallen by 86.7% - compared to the six months of 2022 - to 605.1 million dollars by the end of June, "essentially due to the decrease in imports of goods, with emphasis on imports by Major Projects, which contracted by 87.1% to 644 million dollars".