Trade surplus grows to K26.4 bn

BUUMBA CHIMBULU writes
@SunZambian
ZAMBIA has continued to record a trade surplus during the Covid-19 period while food consumer prices increased to 16 per cent this month from 15.7 percent recorded in August 2020.
Total trade in September 2020 increased by 16.0 percent to over K26.24 billion from K22.61 billion in August 2020, says Mulenga Musepa, the Interim Statistician General at the Zambia Statistics Agency (ZAMSTATS).
Mr Musepa said the total trade for the period from January 2020 to September 2020 increased by 22.5 percent to K165.87 billion from K135.35 billion.
He said this yesterday when announcing the monthly bulletin for the month of September on the Copperbelt.
“A Trade Surplus of K7, 069.3 million was recorded in September 2020 indicating a 32.9 percent increase from an August 2020 surplus of K5.31 billion, driven by an increase in exports,” Mr Musepa said.
Mr Musepa explained that exports increased by 19.2 percent to K16.34 billion in September 2020 from K13.96 billion in August 2020.
Imports, he said, increased by 10.8 percent to K9.58 billion in September 2020 from K8.65 billion in August 2020.
“Exports mainly increased due to a 21.9 percent rise in Intermediate goods exports earnings to K14.23 billion in September 2020 from K11.68 billion in August 2020,” Mr Musepa said.
Meanwhile, Mr Musepa announced that the inflation rate as for October 2020 had increased to 16.0 percent from 15.7 percent recorded in September 2020
Zambia’s July Inflation reduced to 15.8 percent from 15.9 percent in June.
It further reduced to 15.5 percent in August before quickening for the first time in four months in September to 15.7 percent.
Mr Musepa said the increase in the annual rate of inflation for this month was attributed to price increases in food items.
“The year- to- date inflation was recorded at 13.1 percent in October 2020 higher than that of the corresponding period in 2019 of 8.9 percent.
“This means that, the average prices of goods and services increased at a higher rate in 2020 compared to the same period in 2019,” he said.