Zambia’s Trade Surplus Widens to K1.1 Billion in October as Copper Exports Surge

Zambia recorded a merchandise trade surplus of K1.1 billion in October 2025, nearly tripling September’s K0.4 billion, as exports grew faster than imports, according to new data from the Zambia Statistics Agency (ZamStats).

Exports rose 7.9% to K30.8 billion, up from K28.5 billion the previous month, driven largely by strong performance in intermediate goods, particularly copper anodes, which surged 18.6%. Consumer and capital goods also posted moderate gains.

Imports increased by 5.4% to K29.6 billion, reflecting higher spending on both intermediate and consumer goods.

Copper continued to anchor Zambia’s external sector. Traditional exports, dominated by copper, jumped 13.5% to K21.7 billion, accounting for 70.5% of total export earnings. However, non-traditional exports (NTEs) including products such as tobacco, maize flour and zinc concentrates declined 3.6% to K9.1 billion.

From January to October, Zambia’s total trade hit K550.7 billion, representing a 17.6% increase compared to the same period in 2024. Exports reached K276.1 billion, slightly ahead of imports at K274.6 billion, resulting in a cumulative trade surplus of K1.5 billion.

Refined copper remained the standout performer. Export earnings from refined copper climbed 31.2% to K20.8 billion, supported by higher export volumes and favourable global prices. On the London Metal Exchange, copper averaged $10,696 per metric tonne in October, up 7.5%, boosting Zambia’s revenue.

Economists say the stronger surplus provides some relief to the country’s external position, though sustained growth in non-traditional exports will be essential for long-term diversification.