Zambia has yet again recorded a trade surplus of K3.9 billion in August 2021 compared to a surplus of K3.6 billion in July 2021 indicating an 8.3% increase. A drop of 9% in imports accounted for the largest part of the surplus. However, despite these consecutive statistical trade surpluses, the Kwacha continues to face pressure.
According to the Zambia Statistics Agency (ZamStats) Interim statistician general Mulenga Mupesa, exports mainly comprising domestically produced goods, fell by 5.3 percent to K17.5 billion in August 2021 from K18.5 billion in July 2021.
Speaking during the ZamStats monthly bulletin in Lusaka, Mupesa said this was mainly on account of about 32%, 27% and 20% decrease in export earnings of Consumer goods, Raw materials and Capital goods, respectively.
He said imports decreased by about 9% to K13.6 billion in August 2021 from K14.9 billion in July 2021. “This was mainly as a result of a 31.2 and 12.0 percent decrease in import bills of Consumer goods and Capital goods, respectively,” Mupesa said.
Meanwhile, Traditional Exports (TE’s) earnings increased by 0.7 percent to K13.5 billion in August 2021 from K13.4 billion in July 2021.
Mupesa said in terms of share in total exports, TEs or copper related exports accounted for 77.1 percent of export earnings in August 2021. He said Non Traditional Exports (NTE) earnings decreased by 20.9 percent to K4.0 billion in August 2021 from K5.1billion in July 2021.
Mupesa said in terms of share in total exports, NTEs accounted for 22.9 percent of total export earnings in August 2021.
“Export earnings from refined copper in August 2021 increased by 0.3 percent to K13.5 billion from K13.4 billion in July 2021.
“The increase is attributed to the 17.7 percent increase in export volumes from 62.9 thousand tonne in July 2021 to 74.0 thousand tonnes in August 2021. Copper prices on LME market for the corresponding months decreased by 0.8 percent to US$9,357.2 per tonne in August 2021 from US$9,433.6 per tonne in July 2021,” he said.
Mupesa said the volume of refined copper exported for the period January to August 2021 was 584.0 thousand tonne while that of 2020 for the same period was 591.0 thousand tonne representing a 1.2 percent decrease
Agricultural products accounted for a share of 25.3 percent of Zambia’s (NTEs) in August 2021 compared to 37.2 percent in July 2021.
Export earnings from agricultural products decreased by 46.1 percent to K1.0 billion in August 2021 from K1.9 billion in July 2021.
The major export commodities were Tobacco, partly or wholly stemmed/stripped accounting for 12.3 percent, other raw cane sugar (9.3 percent) and Cotton, not carded or combed (8.1 percent).
Non-agricultural products accounted for a share of 74.7 percent of Zambia’s NTEs in August 2021 compared to 62.8 percent in July 2021.
On the other hand, export earnings from non-agricultural products recorded a decrease of 6.1 percent to K3.0 billion in August 2021 from K3.2 billion in July 2021.
The major export commodities were Electrical energy accounting for 7.0 percent, Ferro-siliconemanganese (6.5 percent) and Portland cement (excl. white) (6.4 percent).
And Zambia’s major export products in August, 2021 were from the intermediate goods category mainly comprising copper anodes for electrolytic refining and Copper blister and 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 August, 2021.
