Maravi

Zambia records K448bn trade deficit

Zambia records K448bn trade deficit
Written by Joan Chirwa
Wednesday, November 05, 2008 5:50:53 PM

ZAMBIA has recorded a trade deficit of K448.1 billion in September. Data released
by the Central Statistical Office (CSO) indicates that the country exported less than it imported in value terms during September.

The total value of exports in September was K1.5 trillion compared to K1.4 trillion gained in August 2008 while imports for the month under review grew to around K2 trillion compared to K1.8 trillion gained in August 2008.

“The most prominent exports were manufactured goods classified chiefly by material, accounting for 67.6 per cent in September 2008 and 65.5 per cent in August 2008, of which refined copper was the most significant export item,” CSO stated. “Other important exports were crude materials (excluding fuels) such as copper ores and concentrates and cobalt ores and concentrates; food and live animals; and machinery and transport equipment, which collectively accounted for 28.3 and 29.7 per cent in September and August 2008, respectively.”

The five major destinations of Zambia’s exports in September 2008 were Switzerland which accounted for 40.8 per cent, Egypt at 15.0 per cent, South Africa with 10.7 per cent, 6.9 per cent for the Democratic Republic of Congo and China with 4.4 per cent.

“These five countries collectively accounted for 77.8 per cent of Zambia’s total export earnings,” CSO stated.

For imports, South Africa was the largest exporter of its products to Zambia in September accounting for 38.9 per cent of the total value of imports.

The second main source of Zambia’s imports in September 2008 was Kuwait which accounted for 14.9 per cent.

Other sources of Zambia’s imports include Zimbabwe, Congo (DR) and China, collectively accounting for 21.7 per cent of Zambia’s total imports in September 2008.

The Southern African Development Community (SADC) was the largest source of Zambia’s imports accounting for 60.0 per cent in September from 59.3 per cent recorded in August.

The Asian market was the second largest source of Zambia’s imports accounting for 28.0 and 24.4 per cent in September and August 2008, respectively.

The Common Market for Eastern and Southern Africa (COMESA) region was the third largest source, accounting for 19.5 per cent in September compared to 12.6 per cent in August.

The European Union (EU), being the fourth largest source of Zambia’s imports, accounted for 7.4 per cent of Zambia’s imports in September compared to 10.8 per cent of imports received in August.

Labels: BALANCE OF TRADE

posted by MrK @ 5:52 PM