Formerly called Northern Rhodesia until its independence from Britain in 1964, the Republic of Zambia shipped US$10.5 billion worth of exported products around the world in 2023.

That dollar amount results from a 51.3% increase from $7 billion five years earlier in 2019.

Year over year, the overall value of Zambia’s exported products fell by -9.9% compared to $11.7 billion starting in 2022.

Zambia is a landlocked nation in Africa’s southern region.

Based on the average exchange rate for 2023, the Zambian Kwacha depreciated by -56.8% against the US dollar since 2019 and decreased by -19.3% from 2022 to 2023. Zambia’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.

Zambia’s Major Trading Partners

The latest available country-specific data shows that 94.2% of products exported from Zambia was bought by importers in: Switzerland (41.4% of the Zambian total), mainland China (17.7%), Democratic Republic of the Congo (15.4%), Singapore (5.4%), South Africa (3.7%), Zimbabwe (2.8%), Botswana (1.7%), Namibia (1.4%), Tanzania (1.3%), Malawi (1.3%), Hong Kong (1%) and India (0.9%).

From a continental perspective, 42.8% of Zambia’s exports by value was delivered to European countries while 29.8% was sold to importers located in Africa. Zambia shipped another 26.2% worth of goods to Asia.

Smaller percentages went to buyers in North America (1%), Oceania (0.02%) Australia and New Zealand only, then Latin America (0.01%) excluding Mexico but including the Caribbean.

Given Zambia’s population of 20.6 million people, its total $10.5 billion in 2023 exports translates to approximately $510 for every resident in the African nation. That dollar metric lags the average $585 per capita one year earlier during 2022.

Zambia’s Top 10 Exports

The following export product groups represent the highest dollar value in Zambian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Zambia.

1. Copper: US$6.8 billion (64.5% of total exports)
2. Salt, sulphur, stone, cement: $516.1 million (4.9%)
3. Mineral fuels including oil: $420.1 million (4%)
4. Ores, slag, ash: $250.9 million (2.4%)
5. Iron, steel: $195.5 million (1.9%)
6. Vehicles: $184.5 million (1.8%)
7. Inorganic chemicals: $169.7 million (1.6%)
8. Tobacco, manufactured substitutes: $168.6 million (1.6%)
9. Gems, precious metals: $167.5 million (1.6%)
10. Sugar, sugar confectionery: $166.2 million (1.6%)

Zambia’s top 10 exports accounted for 85.7% of the overall value of its global shipments.

Vehicles was the fastest grower among the top 10 export categories, up by 417.7% from 2022 to 2023.

In second place for improving export sales was sugar including sugar confectionery via a 39% advance.

Zambia’s shipments of mineral fuels including oil posted the third-fastest gain in value, up by 32.1%.

The leading decliner among Zambia’s top 10 export categories were the metals iron and steel, pulled down by a -40.6% year-over-year drop.

At the more granular four-digit Harmonized Tariff System code level, Zambia’s most valuable exported products are unrefined copper (52.7% of the Zambian total), refined copper (15.6%), electrical energy (3.8%), non-sublimed sulphur (2.7%), unmanufactured tobacco and tobacco waste (1.6%), trucks (1.5%), cement including cement clinkers (1.4%), non-alcoholic drinks excluding water or juice and milk (also 1.4%), nickel ores and concentrates (1.3%), then iron ferroalloys (1.2%).

Products Generating Zambia’s Best Trade Surpluses

Zambia posted a US$308.7 million trade surplus during 2023, plummeting by -88.3% from $2.64 billion in black ink for 2022.

The following types of Zambian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.

In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.

1. Copper: US$6.8 billion (Down by -16.3% since 2022)
2. Gems, precious metals: $166.5 million (Up by 26.1%)
3. Tobacco, manufactured substitutes: $166.4 million (Up by 23.6%)
4. Sugar, sugar confectionery: $151.7 million (Up by 70.3%)
5. Ores, slag, ash: $142.6 million (Reversing a -$139.7 million deficit)
6. Salt, sulphur, stone, cement: $114.9 million (Up by 53.9%)
7. Food industry waste, animal fodder: $111.3 million (Up by 38.5%)
8. Beverages, spirits, vinegar: $89.7 million (Down by -10.7%)
9. Soaps, washing preparations, lubricants, waxes: $43 million (Up by 126.2%)
10. Coffee, tea, spices: $42.3 million (Up by 32.4%)

Zambia has highly positive net exports in the international trade of its most lucrative export, copper-related materials. In turn, these cashflows indicate Zambia’s strong competitive advantages under the copper product category.

Products Causing Zambia’s Worst Trade Deficits

Below are exports from Zambia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Zambia’s goods trail Zambian importer spending on foreign products.

1. Mineral fuels including oil: -US$1.6 billion (Up by 514.5% since 2022)
2. Vehicles: -$1.3 billion (Up by 32.5%)
3. Machinery including computers: -$1.1 billion (Up by 1.7%)
4. Fertilizers: -$626.9 million (Down by -5.3%)
5. Plastics, plastic articles: -$413.7 million (Down by -17.0%)
6. Electrical machinery, equipment: -$303.3 million (Up by 4.5%)
7. Pharmaceuticals: -$267.6 million (Down by -34.2%)
8. Other chemical goods: -$252.5 million (Down by -21.7%)
9. Articles of iron or steel: -$180.8 million (Up by 25.1%)
10. Rubber, rubber articles: -$171.3 million (Down by -16.5%)

Zambia has highly negative net exports and therefore deep international trade deficits particularly for refined petroleum oils and, to a lesser extent, crude oil under the mineral fuels including oil product category.

Zambian Export Companies

Not one Zambian corporation ranks on the Forbes Global 2000 of biggest businesses.

Wikipedia lists exporters from Zambia including companies engaged in international trade. Selected examples are shown below.

• Chilanga Cement (cement, cement clinker)
• Konkola Copper Mines (copper mining, smelter)
• Zambeef Products (beef, milk, eggs)
• Zambezi Airlines (airliner)
• Zambian Breweries Plc (lagers, bottling)
• ZCCM Investments Holdings (copper-mining conglomerate)

 
In macroeconomic terms, Zambia’s total exported goods represent 12.3% of its overall Gross Domestic Product for 2023 ($86 billion valued in Purchasing Power Parity US dollars). That 12.3% for exports to overall GDP in PPP for 2023 compares to 15.2% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Zambia’s total economic performance, albeit based on a short timeframe.

Another vital economic indicator is Zambia’s unemployment rate, which remained consistent from an average 6.1% for 2022 to the average 6.1% jobless rate for 2023.

Zambia’s capital city is Lusaka.

See also Uganda’s Top 10 Exports, Nigeria’s Top 10 Exports and South Africa’s Top 10 Exports

Research Sources:
Central Intelligence Agency, The World Factbook Africa: Zambia. Accessed on September 11, 2024

Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 11, 2024

International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on September 11, 2024

International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 11, 2024

International Trade Centre, Trade Map. Accessed on September 11, 2024

Investopedia, Net Exports Definition. Accessed on September 11, 2024

Wikipedia, Gross domestic product. Accessed on September 11, 2024

Wikipedia, List of Companies of Zambia. Accessed on September 11, 2024

Wikipedia, Purchasing power parity. Accessed on September 11, 2024

Wikipedia, Zambia. Accessed on September 11, 2024