Zambia’s Refined Copper Exports Experience Decrease in April 2023
The export earnings from refined copper in Zambia witnessed a significant decline in April 2023, with a 10 percent decrease from K11.0 billion in March 2023 to K9.9 billion.
This decline reflects the challenges faced in the mining sector, impacting copper production and subsequent revenue generation.
According to official statistics, the volume of copper exports during April 2023 also experienced a decline of 7.6 percent, reaching 57.6 thousand metric tons (MT), down from 62.3 thousand MT recorded in March 2023.
Furthermore, when comparing the export volumes of refined copper between January and April 2023 to the same period in 2022, a significant reduction of 16.1 percent is evident.
The cumulative volume of refined copper exported from January to April 2023 was 249.8 thousand MT, while the corresponding figure for 2022 was 297.8 thousand MT, representing a considerable decrease.
The decrease in revenue from copper exports highlights the ongoing struggles faced by Zambia’s mining sector in terms of production. Experts point to these challenges as the primary reason behind the declining revenue observed in the copper industry.
Meanwhile, the earnings from Traditional Exports (TEs) and Non-Traditional Exports (NTEs) also experienced a decrease in April 2023. TEs earnings declined by 9.2 percent, amounting to K10.0 billion, compared to K11.0 billion in March 2023. These traditional exports accounted for 66.2 percent of the total exports during the review month.
Similarly, NTEs earnings witnessed a decline of 14.6 percent, with a value of K5.1 billion in April 2023, down from K6.0 billion in March 2023. NTEs accounted for 33.8 percent of the total exports during April 2023.
Overall, the decline in refined copper exports, coupled with the decrease in earnings from both traditional and non-traditional exports, signifies the prevailing challenges in Zambia’s mining and export sectors.
Addressing these issues and revitalizing production will be crucial for restoring the revenue potential of the Zambian economy.
