Zambia flag Zambia: Economic and Political Overview

Foreign trade figures of Zambia

Foreign Trade in Figures

Zambia is open to foreign trade, which accounts for 69% of the country's GDP (World Bank, latest data available). Zambia's trade policy aims to diversify its economy through privatisation programs and the expansion of its export base. The country mainly exports copper (68.9%), sulphur (2.6%), electrical energy (2.6%), and ferro-alloys (1.9%). As for the country's main imports, they include petroleum oils (5.3%), sulphur (4.3%), mineral or chemical fertilisers (4.3%), copper ores (4.2%), and motor vehicles (3.8% - data Comtrade, 2022).

The country is a member of COMESA and has signed Interim Economic Partnership Agreements (Interim EPAs) with the European Commission. The country became a member of the WTO in 1995. Customs duties are high, but the country has few non-tariff trade barriers. Certain products such as crude oil, medical supplies, and fertilisers are exempt from import duties. However, irregularities in the tax system and high transportation costs are real trade barriers. Zambian products are mainly exported towards Switzerland (38.5%), China (20.7%), Democratic Republic of Congo (13.6%), Pitcairn (12.8%), and Equatorial Guinea (5.4%); whereas imports come chiefly from South Africa (30.0%), Equatorial Guinea (21.2%), China (15.5%), the United Arab Emirates (7.6%), and the Democratic Republic of Congo (7.3% - data Comtrade, 2022).

Zambia's trade balance has been experiencing a structural surplus in recent years. In 2022, exports of goods amounted to USD 11.6 billion, while imports reached USD 9 billion (+15.3% and +40.6% y-o-y, respectively – data WTO). As for services, exports reached USD 933 million, while imports amounted to USD 1.8 billion. The overall trade balance was estimated to be positive by 11.1% of GDP by the World Bank (from 18.2% one year earlier). According to the latest figures available from ZamStat, in the first three quarters of 2023, the country exported USD 8 billion worth of goods against USD 7.6 billion in imports.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 7,1735,2856,4359,0509,324
Exports of Goods (million USD) 7,0397,92410,10111,6649,652
Imports of Services (million USD) 1,5341,0791,3051,8851,709
Exports of Services (million USD) 1,012556526939928

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 74.968.879.386.065.6
Trade Balance (million USD) 5147443,2164,8163,369
Trade Balance (Including Service) (million USD) -2102221,5104,0372,426
Imports of Goods and Services (in % of GDP) 36.934.232.533.927.2
Exports of Goods and Services (in % of GDP) 38.034.646.852.138.4

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -3.018.67.49.79.6
Volume of imports of goods and services (Annual % change) 12.7-1.15.36.96.9

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
• Cotonou Agreement
• African Growth and Opportunity Act beneficiary country
• China Special Preferential Agreement
• Member of World Trade Organization (WTO) since 1995
• Member of Common Market for Eastern and Southern Africa (COMESA)
• Member of
Southern African Development Community (SADC)
 

Main Partner Countries

Main Customers
(% of Exports)
2023
Switzerland 41.4%
China 17.7%
Democratic Republic of Congo 15.4%
Singapore 5.4%
South Africa 3.7%
See More Countries 16.3%
Main Suppliers
(% of Imports)
2023
South Africa 25.8%
China 16.2%
United Arab Emirates 8.2%
India 5.6%
Japan 5.3%
See More Countries 38.9%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

10.4 bn USD of products exported in 2023
Copper, unrefined; copper anodes for electrolytic...Copper, unrefined; copper anodes for electrolytic refining 48.2%
Copper, refined, and copper alloys, unwrought ...Copper, refined, and copper alloys, unwrought (excl. copper alloys of heading 7405) 15.6%
Electrical energyElectrical energy 3.8%
Sulphur of all kinds (excl. sublimed sulphur,...Sulphur of all kinds (excl. sublimed sulphur, precipitated sulphur and colloidal sulphur) 2.7%
Unmanufactured tobacco; tobacco refuseUnmanufactured tobacco; tobacco refuse 1.6%
See More Products 28.0%
10.1 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 17.8%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab 5.9%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg) 4.5%
Sulphur of all kinds (excl. sublimed sulphur,...Sulphur of all kinds (excl. sublimed sulphur, precipitated sulphur and colloidal sulphur) 3.4%
Tractors (other than tractors of heading 8709)Tractors (other than tractors of heading 8709) 2.9%
See More Products 65.6%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

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Latest Update: May 2024