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Zambia’s export performance in November, 2024 reflected robust growth, with traditional export (TE) earnings increasing by 18.9 percent and non-traditional exports (NTEs) surging by 32.1 percent.
This is according to Zambia Statistics Agency (ZamStats) Acting Statistician General Sheila Mudenda.
“Traditional export earnings rose from K17.2 billion in October to K20.5 billion in November, accounting for 65.1 percent of total exports during the month under review,” Mudenda said during a press briefing on Thursday.
She attributed the increase to higher volumes of refined copper exports, which grew by 17.0 percent to 79.5 thousand metric tonnes in November.
Despite a 4.9 percent decline in copper prices on the London Metal Exchange (LME) from $9,539.2 per metric tonne in October to $9,074.8 in November, copper export earnings rose by 18.7 percent to K20.4 billion.
“The cumulative volume of refined copper exported from January to November 2024 was 722.0 thousand metric tonnes, representing a 1.5 percent increase compared to the same period in 2023,” Mudenda added.
NTEs also showed significant improvement, with earnings rising from K8.3 billion in October to K11.0 billion in November.
This accounted for 34.9 percent of total exports.
“Non-traditional export growth was driven by a 45.4 percent increase in non-agricultural products, which rose from K5.9 billion in October to K8.5 billion in November,” Mudenda explained.
Key commodities included articles of stone (25.9 percent of non-agricultural exports), nickel ores and concentrates (9.7 percent), and worked precious stones (6.2 percent).
In contrast, agricultural exports, while still significant, grew marginally by 0.2 percent to K2.46 billion in November. Tobacco, sugar, and sunflower oil-cake were the top contributors.
Switzerland remained Zambia’s top export destination, accounting for 39.2 percent of total export earnings in November.
Copper anodes for electrolytic refining were the main export product, representing 78.8 percent of earnings from Switzerland.
China followed with 17.9 percent, driven by copper anodes, while the United Arab Emirates contributed 15.9 percent, primarily importing electro-refined copper cathodes.
The Democratic Republic of Congo (8.3 percent) and South Africa (3.5 percent) rounded out the top five destinations, collectively accounting for 84.8 percent of total export earnings.
“The continued dominance of Switzerland, China, and the UAE underscores the significance of copper in Zambia’s trade portfolio,” Mudenda noted.
On the import side, intermediate goods, including electrical energy, accounted for 42.2 percent of total imports in November, followed by consumer goods (31.0 percent) capital goods (19.4 percent), and raw materials (7.4 percent).
“The rise in intermediate and capital goods imports suggests increased industrial and investment activity, which may contribute to long-term economic growth,” Mudenda said.
Zambia’s export dynamics highlight the country’s reliance on copper while underscoring emerging opportunities in non-traditional exports.
As policymakers aim to diversify the economy, agricultural and non-agricultural products are expected to play a critical role in sustaining growth.
“November’s trade performance reflects both the strengths and challenges of Zambia’s export sector, with robust traditional and non-traditional earnings offering a positive outlook for the country’s external trade balance,” Mudenda said.
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