Zambia posts K7.8 billion in NTEs, as copper exports decline, yield K10.3 billion in February

Zambia’s Non-Traditional Export (NTEs) earnings have increased by 9.2 percent to K7.8 billion February this year.

This is an increase from the previous month of K7.1 billion, according to Zambia Statistics Agency (ZamStats) Interim Statistician General, Mulenga Musepa.

Read more: Copper exports hit K10.6bn, as Switzerland tops country’s destination

He stated during a media briefing held in Lusaka on Thursday that in terms of the share in total exports, NTEs accounted for 42.9 percent in February 2023.

Musepa also indicated that the country recorded a decline in the traditional export earnings for the month of February to K10.3 billion from K13.9 billion in January.

He pointed out that in terms of the total share in total exports, traditional exports accounted for 57.1 percent in the month under review.

Musepa said the export earnings from refined copper in February decreased by 25.7 percent to K10.3 billion from K13.9 billion in January 2022.

He said copper export volumes during the month of February 2023 decreased by 21.0 percent to 57.3 thousand tonnes from 72.6 thousand tonnes in January 2023.

This was reflected from the copper prices on the London Metal Export (LME) market for the corresponding months decreased by 0.5 percent to US$8,955.20 per tonne in February from US$8,999.79 per tonne in January this year.

“The commutative volume of refined copper exported from January to February 2023 was 129.9 thousand tonnes while that of 2022 for the same period was 153.1 thousand tonnes, representing a 15.2 percent fall,” Musepa said.

On the NTEs, he said the export earnings from agricultural products increased by 14.6 percent to K1.5 billion in February from K1.4 billion in January 2023.

Musepa said the major export commodities were tobacco, partly or wholly stemmed/stripped accounting for 34.7 percent, other raw cane sugar and oil-cake of soya-bean.

He said non-agricultural products accounted for a share of 80.0 percent of Zambia’s NTEs in February 2023 compared to 81.0 percent in January 2023.

“Export earnings from non-agricultural products increased by 7.9 percent to K6.2?billion in February 2023 from K5.8 billion in January 2023.

“The major export commodities were other-tubes, pipes and hoses accounting for 34.3 percent, Sulphur of all kinds and Electrical energy,” Musepa said.

He said the Zambia’s major export products in February 2023 were from the intermediate goods category mainly comprising copper anodes for electrolytic refining and Electro-refined copper cathodes (High Purity) accounting for 88.1 percent.

Musepa indicated that the exports from the consumer goods, raw materials and capital goods categories, collectively accounted for 11.9 percent of total exports in February, 2023.

He said the major import product category in February 2023 was Intermediate goods, accounting for 36.5 percent.

“The consumer goods category was second at 34.7 percent, followed by the capital goods and raw materials categories, accounting for 19.7 percent and 9.1 percent, respectively,” Musepa said.

He indicated that major export destination in February was Switzerland, which accounted for 34.5 percent of the total export earnings.

Musepa said the main export product to Switzerland was copper anodes for electrolytic refining accounting for 74.8 percent of total export earnings from that country.

He said the Democratic Republic of Congo (DRC) was the second main export destination accounting for 24.7 percent of the total export earnings.

“The major export products were other-tubes, pipes and hoses accounting for 46.6 percent of total export earnings from that country.

“China was the third main destination of Zambia’s exports accounting for 16.9 percent of the total export earnings,” Musepa said.

He said the major export product to China was copper anodes for electrolytic refining, accounting for 68.0 percent of total export earnings from that country.

Musepa further indicated that Singapore was the fourth main export destination accounting for 6.0 percent of the total export earnings.

“The major export products were, copper anodes for electrolytic refining, accounting for 56.7 percent of total export earnings from that country,” he said.

Musepa said South Africa was the fifth main export destination accounting for 5.5 percent of the total export earnings.

He said the major export product was tobacco, partly or wholly stemmed/stripped accounting for 53.0 percent of total export earnings from that country.

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