Zambia's export rises amid strong local currency

Zambia's non-traditional exports ( NTEs) increased by 16.28 percent during the first quarter of the year compared with the same period in 2005 despite local currency kwacha gained more than 50 percent against the U.S. dollar during the past 12 months.

Statistics from the Export Board of Zambia (EBZ) showed that earnings from NTEs in the first three months were approximately 144 million dollars, 20 million dollars more than a year ago.

Engineering products, which include copper rods and cables, contributed the highest NTEs earnings amounting to 53.4 million dollars followed by the agricultural products which earned about 24 million dollars.

EBZ said copper rods and cable exports alone registered a 53.1 percent growth at the back of increasing copper demand and price on the international market.

Other products that recorded growth besides copper rods and cables include cotton lint, fresh flowers, tobacco, sugar, vegetables, cotton yarn, coffee and gemstones.

The rise in exports was made at a time when the local currency gained dramatically against the dollar partly because of the majority of the country's foreign debt was written off by western countries after it reached the Heavily Indebted Poor Countries ( HIPC) completion point in April last year.

South Africa has continued to be the largest export destination for Zambian products, followed by the Democratic Republic of the Congo, Switzerland, Britain, Zimbabwe and the Netherlands, EBZ said.

Source: Xinhua