Zambia records first trade deficit

Zambia recorded a trade deficit in November, the first this year, its Central Statistical Office (CSO) said on Thursday. The country recorded a trade deficit valued at 327 million Zambian Kwacha in November from a trade surplus of 43 million Kwacha recorded in October, according to CSO. "Since January 2013, the country has recorded the first trade deficit. This means that the country imported more in November 2013 than it exported in nominal terms," John Kalumbi, the CSO Director told journalists during a monthly media briefing. According to the official, the southern African nation last recorded a trade deficit in May 2009. The country's major export products in November were copper cathodes and refined copper which accounted for 83.3 percent exports while raw materials and capital goods accounted for 16.7 percent of exports. "This means that between November and October 2013, the country has been an exporter of intermediate goods, mainly metals and their articles," he added. On the other hand, the country's major import products were capital goods which accounted for 41.4 percent during the month while intermediate goods accounted for 21.9 percent, followed by consumer goods with 20.6 percent and raw materials with 16.0 percent.