December sees Copper export earnings surge to K13.9bn

THE Zambia Statistics Agency (ZamStats) has announced that the country’s export earnings from refined copper in December 2023 increased by 25.0 percent to K13.9 billion.

According to the ZamStats Statistician General, Mr Mulenga Musepa, this was an increase from K11.1 billion recorded in November 2023.

Mr Musepa explained at a media briefing on Thursday in Lusaka that copper export volumes during December 2023 increased by 9.8 percent to 68.4 thousand metric tonnes (mt) from 62.2 thousand mt in November 2023.

“Further, copper prices on London Metal Exchange (LME) market for the corresponding months increased by 2.7 percent to US$8, 394.1 per mt in December 2023 from US$8,174.0 per mt in November 2023.

“The total volume of refined copper exported in 2023 was 779.4 thousand mt while that of 2022 was 898.4 thousand mt, representing a 13.2 percent decrease,” he said.

Mr Musepa also said Zambia’s major export products in December 2023 were from the intermediate goods category accounting for 89.1 percent.

These were mainly comprising copper anodes for electrolytic refining and Electro-refined copper cathodes (High Purity).

“Exports from the consumer goods, raw materials and capital goods categories, collectively accounted for 10.9 percent of total exports in December, 2023.

“The major import product category in December 2023 was intermediate goods accounting for 39.9 percent. The consumer goods category was second at 37.8 percent, followed by the capital goods and raw materials, categories, accounting for 18.1 and 4.2 percent, respectively,” he said. Mr Musepa said the major export destination in December 2023 was Switzerland, which accounted for 45.5 percent of the total export earnings.

He explained that the main export product to Switzerland was copper anodes for electrolytic refining accounting for 78.7 percent of total export earnings from that country.

“China was the second main destination accounting for 21.4 percent of the total export earnings. The major export product to China was copper anodes for electrolytic refining, accounting for 89.2 percent of total export earnings from that country.

“Congo DR was the third main export destination of Zambia’s exports accounting for 10.7 percent of the total export earnings. The major export products were Sulphur of all kinds accounting for 14.3 percent of total export earnings from that country,” Mr Musepa said.

South Africa was said to be the fourth main export destination accounting for 4.8 percent of the total export earnings.