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Zambia’s export earnings from refined copper has risen by 2.2 percent to K14.2 billion in January this year.
This was a jump from K13.9 billion recorded in the month of December 2023.
Despite an increase in export earnings, the volumes in term of exports decreased by 4.1 percent to 65.5 thousand tonnes from 68.4 thousand tonnes recorded in December of 2023.
“The volume of refined copper exported in January 2024 was 65.5 thousand tonnes while that of 2023 for the same period was 72.6 thousand tonnes representing a 9.7 percent decrease,” Zambia Statistical Agency (ZamStats) Interim Statistician General, Mulenga Musepa, said.
Similarly, the copper prices on the London Mental Exchange (LME) market for the corresponding months decreased by 0.6 percent to US$8,344.3 per tonne in January 2024 from US$8,3941 per tonnes the previous month.
Musepa shared Zambia export figures comprising of traditional exports and Non-Traditional Exports (NTEs).
He stated that the traditional export earnings had increased by 2.6 percent to K14.3 billion in January 2024 from K14.0 billion in December.
It was reported that in terms of share in total exports. traditional exports accounted for 66.0 percent during the month under review.
On the NTEs, Musepa said the earnings under this category had also increased by 4.1 percent to K7.4 billion in January 2024 from K7.1 billion in December 2023.
In terms of the share in total exports, he said the NTEs
accounted for 34.0 percent in January 2024.
Musepa said agricultural products accounted for 23.9 percent of Zambia’s NTEs in January 2024 compared to 29.0 percent in December 2023.
He pointed out that exports earnings from agricultural products decreased by 14.2 percent to K1.8 billion in January 2024 from K2.1 billion in December 2023.
“The major export commodities were Oil-cake of soya- bean accounting for 12.5 percent, Buttermilk, curdled milk and cream (5.9 percent), and Tobacco, partly or wholly stemmed/stripped (4.3 percent),” Musepa said.
He further explained on non-agricultural products accounted for a share of 76.1 percent of Zambia’s NTEs in January 2024 compared to 71.0 percent in December 2023.
Musepa stated that export earnings from non-agricultural products increased by 11.6 percent to K5.6 billion in January 2024 from K5.0 billion in December 2023.
He said: “The major export commodities were Electrical energy accounting for 15.6 percent, Cobalt oxides and hydroxides (9.5 percent) and Nickel ores and concentrates (8.3 percent).”
Musepa said the major export destination in January 2024 was Switzerland, which accounted for 42.0 percent of the total export earnings.
The main export product to Switzerland was copper anodes for electrolytic refining accounting for 76.8 percent of total export earnings from that country.
Musepa indicated that China was the second main destination accounting for 20.4 percent of the total export earnings. The major export product to China was copper anodes for electrolytic refining, accounting for 93.7percent of total export earnings from that country.
He further said the Democratic Republic of Congo (DRC) was the third main export destination of Zambia’s exports accounting for 13.6 percent of the total export earnings stating that the country exported products such as Sulphur of all kinds accounting for 10.6 percent of total export earnings.
South Africa was the fourth main export destination accounting for 4.9 percent of the total export earnings.
Singapore was the fifth main export destination accounting for 3.9 percent of the total export earnings.
The major export product was Electro-won copper cathodes accounting for 96.4 percent of total export earnings from that country.
Musepa indicated that these five countries collectively accounted for 84.8 percent of Zambia’s total export earnings in January 2024.
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