Zambia has recorded a trade surplus valued at about K1.6 billion in June 2020. This surplus however is on a reduced level from a surplus of K3.9 billion recorded in May 2020. On a month on month basis, the surplus decreased by about 60%.
This trade surplus basically means that the country exported more than it imported in nominal terms. Exports which mainly comprise of domestically produced goods decreased by 11.5 percent from K10,524.5 million in May 2020 to K9,317.2 million in June 2020.
Zambia Statistics Agency – ZamStats Statistician General Mulenga Musepa explained that the decrease was mainly on account of an 18.6% decrease in export earnings from intermediate goods, that include semi – processed copper.
Speaking at a media briefing attended by the Zambian Business Times – ZBT on July 30, 2020, Musepa said however that imports increased by 16.1% from K6,681.1million in May 2020 to K7.8 billion in June 2020 and that the increase in imports was mainly as a result of a 29% and 54% increase in imports of Capital goods and raw materials respectively.
He said the total trade for the period January to June 2020 increased by 5.4% to K96.9 billion from K91.9 billion recorded in the same period of 2019.
Meanwhile, Traditional Export Earnings (TE’s) decreased by 17.7% from K8.3 billion in May 2020 to K6.8 billion in June 2020 and in terms of share in total exports, TE’s accounted for 73.0% revenue earnings in June 2020.
Musepa said Non- Traditional Export Earnings (NTE’s) increased by 11.3% from K2.3 billion in May 2020 to K2.5 billion in June 2020 and in terms of shares in total exports, NTE’s recorded a 27.0% in June 2020.
He added that Refined Copper export earnings in June 2020 declined by 21.0% to K6,226.8 million from K7,883.0 million in May 2020 while Refined Copper export volumes in June 2020 declined by 25.8% to 61,052.6 metric tone (mt) from 82,287.5mt in May 2020. But “LME copper prices increased by 9.7% to US$5,742.4 per metric tonne in June 2020 from US$5,233.8 per metric tonne in May 2020,” He said.
