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Zambia’s export earnings from refined copper has risen to K10.6 billion in November 2022, representing a growth of 12 percent.
According to statistics, Zambia is ranked as the world’s seventh largest producer of copper, generating nearly four percent of the world’s production and is the ninth largest global producer of cobalt accounting for 2.6 percent of the global production.
The Zambia Statistics Agency (ZamStats) stated that Zambia’s export earnings from refined copper increased to K10.6 billion in November 2022 from K9.5 billion the previous month.
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Mulenga Musepa, Interim Statistician General, said export volumes in November 2022 increased by 6.6 percent to 83.4 thousand tonnes from 78. 2 thousand tonnes in October 2022.
He indicated that copper prices on the London Metal Exchange (LME) market for the corresponding months increased by 5.5 percent to US$8,037.96 per tonne in November 2022 from US$7,621.21 tonnes in October 2022.
The cumulative volume of refined copper exported from January to November 2022 was 831.4 thousand tonnes, while that of 2021 for the same period was 822 thousand tonnes representing a 1.1 percent increase.
Musepa said this was reflected from the traditional exports earnings which increased by 8.9 percent.
He said the traditional export earnings increased to K10.6 billion in November 2022 from 9.8 billion in October 2022.
“In terms of share in total exports, traditional exports accounted for 65.8 percent of export earnings in November 2022,” Musepa said.
Zambia’s major export destination in November 2022 was Switzerland, which accounted for 39.6 percent of the total export earnings.
Musepa said the main export product to Switzerland was copper anodes for electrolytic refining accounting for 66.6 percent of total export earnings from that country.
China was the second main destination of Zambia’s exports accounting for 16.4 percent of the total export earnings.
He said the major export product to China was copper anodes for electrolytic refining, accounting for 59.4 percent of total export earnings from that country.
“The Democratic Republic of Congo (DRC) was the third main export destination accounting for 15.9 percent of the total export earnings.
“The major export products were Sulphur of all kinds accounting for 20.1 percent of total export earnings from that country,” Musepa said.
Singapore was the fourth main export destination accounting for 9.2 percent of the total export earnings.
The major export products were copper anodes for electrolytic refining, accounting for 63.3 percent of total export earnings from that country.
“Zimbabwe was our fifth main export destination accounting for 3.2 percent of the total export earnings.
“The major export product was Electrical energy accounting for 20.7 percent of total export earnings from that country,” he said.
Musepa indicated that these five countries collectively accounted for 84.3 percent of Zambia’s total export earnings in November, 2022.
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