Zambia’s traditional export earnings decline by 2.3% in June

Zambia’s traditional exports earnings have decreased by 2.3 percent to K10.7 billion in June 2023 from K11.0 billion the previous month.

In terms of share in total exports, traditional exports accounted for 64.5 percent during the month under review.

Addressing journalists in Lusaka on Thursday, Zambia Statistics Agency (ZamStats) Interim Statistician General, Mulenga Musepa, said export earnings from refined copper in June decreased by 2.5 percent to K10.6 billion from K10.8 billion the previous month.

Musepa said copper export volumes during the month of June 2023 decreased by 2.9 percent to 66.3 thousand tonnes from 68.2 thousand tonnes in May.

He said copper prices on the London Metal Exchange (LME) market for the corresponding months increased by 1.8 percent to US$8,386.2 per tonne in June 2023 from US$8,234.2 per tonne in May 2023.

“The cumulative volume of refined copper exported from January to June 2023 was 384.3 thousand tonnes while that of 2022 for the same period was 445.5 thousand tonnes representing a 13.7 percent decrease,” Musepa said.

He added that Non-Traditional Exports (NTEs) earning had decreased by 3.8 percent to K5.9 billion in June from K6.1 billion the previous months.

Musepa said in terms of share in total exports, NTEs accounted for 35.5 percent in June 2023.

“Agricultural products accounted for 29.1 percent of Zambia’s NTEs in June 2023 compared to 17.4 percent in May 2023.

“Export earnings from agricultural products increased by 60.8 percent to K1.7 billion in June 2023 from K1.1 billion in May 2023. The major export commodities were Other raw cane sugar, tobacco, not stemmed/stripped accounting for 14.2 percent and Oil-cake of soya- bean,” he said.

Musepa indicated that non-agricultural products
accounted for a share of 70.9 percent of Zambia’s NTEs in June 2023 compared to 82.6 percent in May 2023.

He said export earnings from non-agricultural products decreased by 17.5 percent to K4.2 billion in June 2023 from K5.1 billion in May 2023.

The major export commodities were electrical energy accounting for 14.0 percent, Sulphur of all kinds (12.6 percent) and Dumpers for off-highway use.

“Zambia’s major export products in June 2023 were from the intermediate goods category mainly comprising copper anodes for electrolytic refining and Electro-refined copper cathodes (High Purity) accounting for 84.3 percent.

“Exports from the consumer goods, raw materials and capital goods categories, collectively accounted for 15.7 percent of total exports in June, 2023,” Musepa explained.

He said major import products category in June 2023 was consumer goods, accounting for 37.5 percent.

Musepa said intermediate goods category was second at 36.8 percent, followed by the capital goods and raw materials categories, accounting for 19.3 and 6.4 percent, respectively.

He said the country’s major export destination in June was Switzerland, which accounted for 39.5 percent of the total export earnings.

The main export product to Switzerland was copper anodes for electrolytic refining accounting for 71.8 percent of total export earnings from that country.

Musepa said China was the second main destination accounting for 18.3 percent of the total export earnings.

He stated that the major export product to China was copper anodes for electrolytic refining, accounting for 82.0 percent of total export earnings from that country.

Musepa said the Democratic Republic of Congo (DRC) was the third main export destination of Zambia’s exports accounting for 17.3 percent of total export earnings.

He said major export products were Sulphur of all kinds accounting for 18.3 percent of total export earnings from that country.

Singapore was the fourth main export destination accounting for 5.4 percent of the total export earnings, with South Africa being the fifth main export destination accounting for 2.8 percent.

“These five countries collectively accounted for 83.2 percent of Zambia’s total export earnings in June 2023,” Musepa said.

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.