Thursday, July 18, 2024

Mozambican manufacturing industry projected to grow by 3.3% in 2024, driven by metallurgy and agri-food sectors

The manufacturing sector in Mozambique projects growth of 3.3% for 2024, an increase on 2023, which saw growth of 3.2%. This projected growth is equivalent to 144 billion meticais.

Industry will be driven mainly by the metallurgy and agri-food sectors, with positive growth expectations. The Economic and Social Plan and State Budget for 2024 points out that the basic metallurgical industry and the food industry could achieve notable growth, with projected figures of 40.831 million meticais (2.89%) and 39.497 million meticais (3.67%), respectively.

In addition, the beverages and other non-metallic mineral products industries are also projected to grow, with an estimated increase of 3.18% and 6.68%, corresponding to 23.369 million meticais and 14.303 million meticais, respectively.

The year 2024 also foresees the start-up of an organic sugar and alcohol gel production plant in Cabo Delgado, as well as the start of operations of a cashew nut processing plant in Massinga, in Inhambane province.

Despite the positive outlook, the Ministry of Industry and Trade recognizes that the manufacturing industry has faced challenges, such as the rise in liquid fuel prices on the international market, which affect its development less favourably.

Historically, manufacturing production in Mozambique has fluctuated, with a downward trend, influenced by various external factors. In 2015, the sector grew by 9.4%, but in 2016 this growth fell to 6.4%. However, between 2014 and 2018, there was significant growth in production, from 70.8 billion meticais to 89.4 billion meticais. In the first three quarters of 2023, industrial production reached 109,336 million meticais.

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