Key External Indicators (Latest Data)
Current Account Balance (% of GDP)
-1.0%
As of Dec 2024. A deficit means the country imports more capital than it exports.
Monthly Trade Balance (Goods)
K 1.54 Billion Surplus
As of May 2025 (ZMW). Value of Exports minus Imports of physical goods.
Net Foreign Direct Investment (FDI)
+$187.7 Million USD
Net inflows of long-term capital, as of Sep 2024 (quarterly data).
Current Account Balance (% of GDP) & FDI Trend
**Analysis:** The Current Account reflects national saving/investment decisions. Surpluses (2020) were driven by high copper prices and suppressed imports (COVID), while deficits reflect rising imports (e.g., fuel/power) and service trade costs.
Trade Composition & Macro Stability
Exports (Revenue Drivers):
- **Copper and Articles Thereof:** Remains overwhelmingly dominant (over 70% of export revenue).
- **Non-Traditional Exports (NTEs):** Growing, led by refined sugar, specialized chemicals, and agricultural products.
- **Ores, Slag, and Ash:** Includes cobalt, nickel, and gold—key targets for future revenue diversification.
Imports (Cost Drivers):
- **Mineral Fuels, Oils & Products:** Top import expenditure, highly sensitive to global oil prices and domestic energy deficits.
- **Nuclear Reactors, Boilers, and Mechanical Appliances:** Key imports for mining and industrial investment.
- **Fertilizers & Chemicals:** Essential imports for the agriculture sector.
Gross International Reserves (GIR)
~$4.1 Billion USD
Equivalent to **3.7 months** of prospective import cover (Nov 2024). Policy target is to maintain above 4.0 months (2026 objective).
Policy Focus: Kwacha Stability
The external sector's vulnerability to copper price shocks means **Gross International Reserves (GIR)** are crucial for Kwacha stability. Recent efforts have focused on tight monetary policy and attracting non-debt creating financial flows (FDI and grants) to bolster the reserve position and minimize reliance on short-term debt.