By JAMES KUNDA –
ZAMBIA’s Non-Traditional Exports (NTE’s) have been rising by over 20 per cent per annum as the country projects growth to continue in this sector, the Ministry of Finance has said.
Ministry of Finance spokesperson Chileshe Kandeta said in a statement that 2013, highest NTEs were cement and lime raking in US$234 million while gemstones earned the country $220 million.
“Tobacco brought in $215 million, sugar cane $184 million, maize $151.9 million and cotton $85 million. In terms of projections, NTEs have been rising by over 20 per cent per annum and we expect this growth to continue,” Mr Kandeta said.
Mr Kandeta said over the first quarter of this year, Zambia had registered a trade surplus of $463.9 million, from $283 million in the last quarter of 2013.
He said in the first quarter of 2013, the trade balance was $482 million and import growth continued to be strong.
“If we compare first quarter imports in 2014, with the corresponding period in 2013, import growth was approximately 18 per cent.
“On exports, growth was 13 per cent between the first quarter of 2014 and the fourth quarter of 2013 and if we compare the first quarter of this year with the first quarter of 2013, then exports grew by 14 per cent at $2,976.9 million,” he said.
Mr Kandeta reiterated that the Bank of Zambia has taken strong measures and the Ministry expected that exchange rate would stabilise and better reflect economic fundamentals.