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Zambia’s total export earnings for 2022 significantly increased to US$11.77 billion owing to improved macroeconomic fundamentals.
The country has also for the first time in nine years recorded the highest figure of Non Traditional Exports (NTEs) of US$ 3.6 billion.
This is according to the Zambia Development Agency (ZDA) acting Director General Albert Halwampa at a press briefing in Lusaka on, Thursday.
Halwampa indicated that the US$11.77 billion total export earnings increased significantly due to improve macroeconomic fundamentals
Total export earnings for 2022 were at US$11.14 billion.
These figures, Halwampa said, represented an increase of 5.66 percent.
He also announced that NTEs increased by 33.09 percent to US$ 3.6 billion in 2022 from US$ 2.7 billion in 2021.
“This is the first time in nine years in which Zambia is recording such a highest figure in NTEs.
“The Agency continued to facilitate the competitiveness of exporters through various services as well as exposure to markets which resulted in deals worth US$99.61 million of which US$ 74.96 million were confirmed orders and US$ 24.65 million were leads,” he said.
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Meanwhile, Halwampa announced that the investment ventures worth US$8.59 billion were recorded in 2022 in all sectors of the economy.
Out of these ventures, investment worth US$4.40 billion were actualised while19,528 jobs were created.
Halwampa said key sectors which recorded the investment ventures included manufacturing, energy, mining, transport, construction and agriculture with the highest investment worth US$ 4.0 billion recorded in the construction sector.
“Investment ventures were registered with an investment of US$8.59 billion compared to 255 investment ventures recorded in the same period of 2021 with an investment of US$3.33 billion, representing an increase of 157.96 percent.
“In addition, 74,679 jobs were recorded from the 351 investment ventures registered compared to 24,585 jobs recorded from the 255 investment ventures recorded in the same period of 2021,” Halwampa said.
He said during the period under review, ZDA continued to implement various interventions that were aimed at enhancing the growth and competitiveness of businesses, promoting exports, and attracting investments in the key sectors of the economy.
Halwampa also said overall, Zambia’s macroeconomic environment improved characterised by improved investor confidence.
“This was triggered by sound economic policies by the Government including stabilisation of the macroeconomic fundamentals, implementation of fiscal measures and reaching the IMF Staff Level Agreement on an Extended Credit Facility arrangement with Zambia,” he said.
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