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Zambia’s traditional export earnings rise 20.7% to hit K11.2 billion in November, 2023 (see other stats)


Zambia’s traditional exports earnings have risen to K11.2 billion in November from K9.3 billion the previous month.

This represents an increase in terms of traditional exports earnings by 20.7 percent.

Zambia’s traditional exports comprise mainly of Copper and cobalt.

Read more: Zambia’s traditional export earnings dip by 7.7% to hit K10.9 billion in September, 2023

According to the country’s statistic agency, export earnings from refined copper rose to K11.1 billion in November from K9.2 billion previous month.

In terms of percentage, Zambia Statistical Agency (ZamStats) Statistician General, Mulenga Musepa, said this increased by 20.9 percent.

Musepa added that copper export volumes during the month increased by 15.0 percent to 62,200 metric tonnes in November from 54, 100 metric tonnes in October 2023.

He further mentioned that copper prices on London Metal Exchange (LME) market for the corresponding months increased by 3.0 percent.

Copper prices on LME increased to US$8,174.0 per metric tonnes in November 2023 from US$7,939.7 per metric tonnes in October 2023.

“The cumulative volume of refined copper exported from January to November 2023 was 711.1 thousand metric tonnes while that of 2022 for the same period was 831.4 thousand metric tonnes representing a 14.5 percent decrease,” Musepa explained.

On Non-Traditional Exports (NTEs), Musepa stated that the earnings grew by 9.9 percent to K7.1 billion in November 2023, from K6.5 billion the previous month.

In terms of share in total exports, Musepa indicated that the NTEs accounted for 38.9 percent in November 2023.

He said agricultural products accounted for 32.2 percent of Zambia’s NTEs in November 2023 compared to 31.1 percent in October 2023.

Export earnings from agricultural products increased by 13.7 percent to K2.3 billion in November 2023 from K2.0 billion in October 2023.

The major export commodities were tobacco, accounting for 12.3 percent, fruits of genus capsicum or pimento (7.7 percent), and oil-cake of soya-bean (7.7 percent).

Non-agricultural products accounted for a share of 67.8 percent of Zambia’s NTEs in November 2023, compared to 68.9 percent in October 2023.

He further explained that: “export earnings from non-agricultural products increased by 8.2 percent to K4.8 billion in November 2023 from K4.5 billion in October 2023.

“The major export commodities were electrical energy accounting for 18.6 percent, nickel ores and concentrates (7.8 percent) and Portland cement (excl. white) (6.5 percent).”

Musepa pointed out that Zambia’s major export products in November 2023 were from the intermediate goods category mainly comprising copper anodes for electrolytic refining and Electro-refined copper cathodes (High Purity) accounting for 84.2 percent.

“Exports from the consumer goods, raw materials and capital goods categories, collectively accounted for 15.8 percent of total exports in November, 2023,” he said.

On the export destination, he said the major export destination in November, 2023 was Switzerland, which accounted for 38.2 percent of the total export earnings.

Musepa said China was the second main destination accounting for 19.0 percent of the total export earnings.

This, he said, was followed by Democratic Republic of Congo (DRC) accounting for 15.0 percent of the total export earnings.

Musepa added that South Africa was the fourth main export destination accounting for 4.5 percent of the total export earnings.

Singapore was the fifth main export destination accounting for 3.7 percent of the total export earnings.

“These five countries collectively accounted for 80.4 percent of Zambia’s total export earnings in November 2023,” Musepa said.

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