TRADE BOOMS AS ZAMBIA RECORDS SURPLUS

ZAMBIA has recorded a trade surplus of over K2.2 billion from K359.4 million recorded in March this year, representing a 521.0 percent increase. Zambia Statistics Agency (ZSA) interim Statistician, Mulenga Musepa, said Zambia’s exports increased by 4.7 percent to K8.9 billion in April 2020 from K8.5 billion in March 2020. Mr Musepa explained that the trade surplus meant that the country exported more than it imported in nominal terms. He said exports which mainly comprised of domestically produced goods increased by 4.7 percent from K8.5 billion in March 2020 to K8.9 billion in April. “This increase was mainly on account of a 7.6 percent increase in export earnings from Intermediate goods. “Exports mainly increased due to a 7.6 percent increase in Intermediate goods exports earnings to K7. 718.7 million from K7. 175.7million in March 2020,” he said yesterday in Lusaka during a monthly bulletin update. Mr Musepa explained that refined copper export earnings during April 2020 rose by 8.4 percent to K6.7 billion from K6.2 billion in March 2020. He stressed that refined copper export volumes during April 2020 rose by 2.6 percent to 73,717.3 metric tonnes. “Major export destination in April 2020 continued to be Switzerland (35.1%) followed by China at 24.5 percent - Copper products. “Congo DR was third accounting for 16.9 percent of the total export earnings - Copper concentrate sulphide. These three countries accounted for 76.5 percent of Zambia’s total export earnings,” Mr Musepa said. Mr Musepa however indicated the country’s imports decreased by 18.0 percent to K6, 697.9 million in Apr. 2020 from K8, 170.8 million in March 2020. He explained that the decrease in imports was driven by lower in import bills for consumer goods at 45.2 percent and Intermediate goods at 20.3 percent.