Business

Copper export earnings rise

By BUUMBA CHIMBULU

EXPORT earnings from refined copper in January 2021 increased by 10.5 percent to K13.5 billion.

The earnings increased to K13.5 billion from K12.2 billion in December2020, says Zambia Statistics Agency (ZamStats) Statistician General, Mulenga Musepa.

Mr Musepa said copper prices on London Metal Exchange market for the corresponding months increased by 2.8 percent to US$7,970 per tonne in January 2021 from US$7,755 per tonne in December 2020.

He said this when announcing the annual inflation rate for February 2021 this week.

“The volume of refined copper exported for the month of January 2020 was 81.1 thousand Mt while the volume of Refined Copper exported January 2019 was 71.4 thousand Mt representing a 13.7 percent increase,” Mr Musepa said.

He said Zambia’s major export products in January, 2021 were from the intermediate goods category accounting for 85.8 percent.

Mr Musepa said exports from the consumer goods, raw materials and capital goods categories, collectively accounted for 14.2 percent of total exports in January, 2021.

He indicated that the major export destination in January, 2021 was Switzerland, which accounted for 42.5 percent of the total export earnings.

The main export product to Switzerland, he said, was copper anodes for electrolytic refining, accounting for 66.6 percent of total export earnings from that country.

“China was the second main export destination accounting for 20.5 percent of the total export earnings.

The major export product was copper blister, accounting for 38.0 percent of total export earnings from that country,” Mr Musepa said.He said Singapore was the third main destination of Zambia’s exports accounting for 12.7 percent of the total export earnings. Mr Musepa explained that the major export product to Singapore was copper anodes for electrolytic refining, accounting for 55.3 percent of total export earnings from that country.

“Congo DR was the fourth main export destination accounting for 8.2 percent of the total export earnings. The major export products were, other non-alcoholic beverages accounting for 11.1 percent of total export earnings from that country,” he said. Luxembourg was the fifth main export destination accounting for 4.9 percent of the total export earnings. The major export products were copper blister, accounting for 63.4 percent of total export earnings from that country. The five countries collectively accounted for 88.8 percent of Zambia’s total export earnings in January, 2021.

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