Zamibia trades less in Aug, says CSO

By MAILESI BANDA ZAMBIA has recorded a trade

month of August from a trade

corded in July representing a 218 percent decrease in the trade balance.

Central Statistics Office, director of census and statistics, John Kalumbi said the country imported more in August 2017 than it exported in nominal terms.

Mr. Kalumbi said there had been a decrease of 11.9 percent in the total value of metal exports from K5, 314 million in July 2017 to K4, 682 million in August 2017. Speaking when he presented the monthly bulletin for August, Mr Kalumbi said the overall contribution of metals and their products to the total export earnings in August and July 2017 averaged 76.3 percent.

He explained that nontraditional exports recorded an increase of 24.7 percent from K1, 376 million in July to K1717 million in August 2017.

He said the share for nontraditional exports recorded an average of 23.7 percent revenue earnings between August and July 2017. “Between July and August 2017 the volume of copper exported declined by 9.9 from 94,815 metric tonnes recorded in July to 85,504 metric tonnes in August 2017,” he said.

Mr Kalumbi also said the corresponding metal prices on the London Metal Exchange increased by 8.4 percent from USD 5,978 per metric tonne in July to 6,478 metric tonnes in August. He noted that with the rate of decline in the volume of copper exports surpasses that of the price increase, the net effect would be the reduction in export earnings. CSO on Thursday announced that the annual inflation rate for September had increased to 6.6 percent compared to 6.3 for August due to the increase in electricity tariffs.

Mr Kalumbi said the annual inflation rate as measured by the Consumer Price Index for September, 2017 indicated an increase to 6.6 percent compared to last month’s record of 6.3 percent which he said could mainly be attributed to the price increase in electricity tariffs.

He explained that the figures meant that on average prices increased by 6.6 percent between September 2016 and September 2017.