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Zambia’s traditional export earnings have increased by 6.9 percent to hit K11.0 billion in March this year. This is up from K10.3 billion the previous month.
In terms of share in total export, traditional export accounted for 64.8 percent during the month under review.
This is according to the Zambia Statistical Agency (ZamStats) Interim Statistician General, Mulenga Musepa.
Read more: Copper exports hit K10.6bn, as Switzerland tops country’s destination
Addressing journalists in Lusaka during the monthly bulletin meeting, Musepa said export earnings from refined copper in March 2023 increased by 7.1 percent to K11.0 billion, up from K10.3 billion in February of this year.
He said copper export volumes during the month of March 2023 increased by 8.7 percent to 62.3 thousand tonnes from 57.3 thousand tonnes in February 2023.
Musepa indicated that copper prices on the London Metal Exchange (LME) market for the corresponding months decreased by 1.3 percent to US$8,835.72 per tonnes in March 2023 from US$8, 955.29 per tonne in February 2023.
“The cumulative volume of refined copper exported from January to March 2023 was 192.2 thousand tonnes, while that of 2022 for the same period was 230.5 thousand tonnes representing a 16.6 percent decrease,” he said.
Musepa further stated that the Non-Traditional Exports (NTEs) earnings decreased by 22.8 percent to K6.0 billion in March 2023 from K7.8 billion in February 2023.
He said in terms of share in total exports, NTEs accounted for 35.2 percent in February 2023.
Musepa said Agricultural products accounted for 23.9 percent of Zambia’s NTEs in March 2023 compared to 20.0 percent in February 2023.
Export earnings from agricultural products decreased by 7.6 percent to K1.4 billion in March 2023 from K1.5 billion in February 2023.
“The major export commodities were Tobacco, partly or wholly stemmed/stripped accounting for 25.8 percent, Oil-cake of soya-bean and Other raw cane sugar,” he said.
Musepa indicated that non-agricultural products accounted for a share of 76.1 percent of Zambia’s NTEs in March 2023 compared to 80.0 percent in February 2023.
He said export earnings from non-agricultural products decreased by 26.5 percent to K 4.6 billion in March 2023 from K6.2 billion in February 2023.
Musepa said the major export commodities were electrical energy accounting for 14.0 percent, Sulphur of all kinds and Dumpers for off-highway use.
He said Zambia’s major export products in March 2023 were from the intermediate goods category mainly comprising copper anodes for electrolytic refining and Electro-refined copper cathodes (High Purity) accounting for 85.8 percent.
“Exports from the consumer goods, raw materials and capital goods categories, collectively accounted for 14.2 percent of total exports in March, 2023,” Musepa said.
On import, he said the major import product category in March 2023 was Intermediate goods, accounting for 34.9 percent.
He said consumer goods category was second at 29.8 percent, followed by the Capital goods and raw materials categories, accounting for 22.0 percent and 13.4 percent, respectively.
Musepa said the major export destination in March 2023 was Switzerland, which accounted for 43.7 percent of the total export earnings.
“The main export product to Switzerland was copper anodes for electrolytic refining accounting for 71.4 percent of the total export earnings from that country,” he said.
Musepa indicated that the Democratic Republic of Congo (DRC) was the second main export destination accounting for 15.8 percent of the total export earnings.
He said major export products were Sulphur of all kinds accounting for 19.9 percent of total export earnings from that country.
Musepa said China was the third main destination of Zambia’s exports accounting for 11.5 percent of the total export earnings.
The major export product to China was copper anodes for electrolytic refining, accounting for 59.9 percent of total export earnings from that country.
He said Singapore was the fourth main export destination accounting for 9.7 percent of the total export earnings.
Musepa said the major export products were copper anodes for electrolytic refining, accounting for 45.2 percent of total export earnings from that country.
He added that South Africa was the fifth main export destination accounting for 5.2 percent of the total export earnings.
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