ZAMBIA recorded a K3,843.4 million trade surplus in May 2020, signifying a 72.2 percent increase from K2,231.6 million recorded in April 2020.
According to the Zambia Statistics Agency monthly bulletin, interim statistician general Mulenga Musepa stated that the increase was mainly on account of 96 percent of raw materials and 12 per cent intermediate goods exported.
“Zambia recorded a trade surplus valued at K3,843.4 million in May 2020 from K2,231.6 million recorded in April 2020, indicating a 72.2 per cent increase. This trade surplus means that the country exported more than it imported in nominal terms. Exports which mainly comprise of domestically produced goods increased by 17.9 percent from K8,929.5 million in April 2020 to K10,524.5 million in May 2020. This increase was mainly on account of a 12.0 per cent and 96.0 per cent increase in export earnings from Intermediate goods and raw materials, respectively. Imports decreased by 0.3 percent from K6,697.9 million in April 2020 to K6,681.1 million in May 2020. This decrease in imports was mainly as a result of a 13.3 percent and 5.2 percent decrease in imports of Capital goods and Consumer goods, respectively. The Total trade from January 2020 to May 2020 increased by 5.5 percent to K79,792.2 million from K75.657.3 million in the same period of 2019,” Musepa stated.
“The Traditional Exports (TEs) earnings increased by 17.3 percent from K7,045.5 million in April 2020 to K8,261.2 million in May 2020. In terms of share in total exports, TEs accounted for 78.5 percent revenue earnings in May 2020.NTEs earnings increased by 20.1 percent from K1,884.0 million in April 2020 to K2,263.3million in May 2020. In terms of share in total exports, NTEs recorded a 21.5 percent in May 2020.”
He further stated that the volume of refined copper exported in May 2020 increased by 11.6 percent from 73,717.3 metric tonnes in April 2020 to 82,287.5 metric tonnes.
“The volume of Refined Copper exported in May 2020 increased by 11.6 percent from 73,717.3metric tonnes in April 2020 to 82,287.5 metric tonnes. The Copper prices on LME market for the corresponding months increased by 3.7percent, from US$5,048.3 per metric tonne in April 2020 to US$5,233.8 per metric tonne in May 2020,” the bulletin read.