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The Country Recorded a Trade Surplus of K2.31 Billion in August 2023

The country recorded a trade surplus of K2.31 billion in August 2023 compared to a surplus of K2.33 billion in July 2023 (see Table 15).

Exports mainly comprising domestically produced goods, increased by 9.1 percent to K19.1 billion in August 2023 from K17.5 billion in July 2023. This was mainly on account of 7.9, 17.2, 16.2 and 13.1 percent increases in export earnings from Intermediate goods, Raw materials, Capital goods and Consumer goods, respectively (see Table 2.2 in Annex).

Imports increased by 10.7 percent to K16.8 billion in August 2023 from K15.1 billion in July 2023. This was mainly as a result of 12.4, 19.8, 5.0 and 6.7 percent increases in import bills of Consumer goods Capital goods, Intermediate goods, and Raw materials, respectively (see Table 2.2 in Annex).

Table 15: Total Exports, Imports and Trade Balance, Aug. 2023 (K’ Billion)

Months	Imports	Domestic Exports	Total Exports	Trade Balance
Jan-23	14.9	18.8	20.0	5.1
Feb-23	15.3	15.0	16.0	0.7
Mar-23	19.8	15.9	17.0	-2.8
Quarter1	50.1	49.7	53.0	2.9
Apr-23	15.6	13.8	15.1	-0.5
May-23	17.1	15.9	17.1	0.0
Jun-23	15.7	15.5	16.6	0.9
Quarter2	48.4	45.2	48.9	0.5
Jul-23*	15.1	16.5	17.5	2.3
Aug-23*	16.8	16.8	19.1	2.3
Total:	130.4	128.1	138.5	8.0

Source: ZamStats, 2023

Note: These trade data are compiled based on the General Trade System

Domestic Exports-These are Commodities grown, produced or manufactured locally including commodities imported from foreign countries that have been significantly changed or enhanced in value. Re-Exports=Total Exports-Domestic Exports. (*) Provisional

Overall Monthly Inflation Rate for September 2023 at 0.7 Percent

The overall monthly inflation for September 2023 was recorded at 0.7 percent compared with 0.8 percent recorded in the previous month. This outturn was mainly attributed to price movements in selected food and non-food items (see Figure 5).

Figure 5: Overall Monthly Inflation, September 2022 – September 2023

Monthly Inflation Rates for Food and Non-Food Items

Monthly food inflation for September 2023 was recorded at 0.5 percent compared with 0.8 percent in August 2023. This development was mainly attributed to general price movements for Meats (Rump Steak, Brisket, Beef Sausages, Ox-liver and Offals); Fish (Dried Kapenta Mpulungu, Dried Kapenta and Chisense) and Vegetables (Rape, Spinach, Okra, Cabbage, Tomatoes and Onion).

Monthly non-food inflation for September 2023 was recorded at 0.9 percent compared to 0.8

percent in August 2023. This outturn was mainly attributed to increases in prices of items such as Purchase of motor vehicles (Toyota corolla, Toyota Hilux, Nissan Pick (Nissan Hardbody) and Fuels and Lubricants (Diesel, Petrol,) (see Table 10).

Table 10: Overall Monthly Inflation Rate for Food and Non-Food Items, September 2022 – September 2023 (%)

	Weight:	Sep- 2022	Oct- 2022	Nov- 2022	Dec- 2022	Jan – 2023	Feb – 2023	Mar – 2023	Apr – 2023	May – 2023	Jun – 2023	July – 2023	Aug – 2023	Sep – 2023
Total	1,000.00	-0.4	0.2	0.7	0.8	2.1	1.9	1.0	0.9	0.6	0.8	0.9	0.8	0.7
Food	534.85	-0.2	0.4	0.9	0.5	2.8	2.0	1.1	0.9	0.9	0.9	1.0	0.8	0.5
Non- Food	465.15	-0.6	-0.2	0.5	1.1	1.1	1.9	0.9	1.0	0.2	0.7	0.7	0.8	0.9

Year-on-Year Inflation for September 2023 at 12.0 Percent

Annual inflation for September 2023 increased to 12.0 percent from 10.8 percent recorded in August, 2023. This means that on average, prices of goods and services increased by 12.0 percent between September 2022 and September 2023 (see Figure 3). This development was mainly attributed to price movements of selected food and non-food items.

Figure 3: Annual Inflation Rate, September 2022- September 2023 (%)

Annual Food and Non-Food Inflation

Annual food inflation for September 2023 was recorded at 13.4 percent compared to 12.6 percent in the previous month (see Figure 4). This means on average prices of food items increased by 13.4 percent between September 2022 and September 2023. This outturn was mainly attributed to price movements in Cereals (i.e. Breakfast & Roller meal, Bread flour, Maize grain, Rice and Meats (Mixt cut, Fillet steak, T-bone, Chicken live).

The annual non-food inflation for September 2023 was recorded at 10.1 percent compared to 8.5 percent. This outturn was mainly attributed to increases in prices of non-food items such as Purchase of vehicles (Toyota hilux, Toyota corolla, Nissan Hardbody) and Fuels & Lubricants (i.e. Diesel, Petrol).

Figure 4: Annual Food and Non-Food Inflation, September 2022- September 2023 (%)

Economy Grows by 5.0% in Q2 of 2023

Gross Domestic Product (GDP) estimates for the second quarter of 2023 shows that the economy grew by 5.0 percent from 5.9 percent in the second quarter of 2022. These estimates are based on the year- on-year comparison of GDP at constant 2010 prices (see Figure 1).

Figure 1: Quarterly GDP Growth Rates at Constant 2010 Prices, Q1 2021 – Q2 2023 (%)

Industry Contribution to the 5.0% growth in Q2 2023

The growth was mainly attributed to the positive contributions from the following industries; Information & communication (2.4 percentage points), Education (1.7 percentage points), Transport & storage (0.9 percentage points), Financial & insurance activities (0.7 percentage points) and Construction (0.5 percentage points). However negative contributions were recorded from Wholesale & retail trade (-1.2 percentage points), Agriculture, forestry & fishing (0.5 percentage points), Mining & quarrying (-0.3 percentage points) and Administrative & support services (-0.1 percentage points) (see Table 1).

Industry Growth Rates in the Second Quarter of 2023

At industry level, the highest growth rates in the second quarter were recorded in Information & communication at 25.6%. The others were Education (24.5%), Accommodation and food service activities (21.9%), Arts, entertainment & recreation (20.2%), Transport & storage (19.5%), Human health and social work activities (17.3%), Financial and insurance activities (14.0%) and Electricity (11.3%). On the other hand, negative growth rates were recorded in the following: Agriculture, forestry and fishing (-7.0%); Mining and quarrying (-3.6%); Wholesale and retail trade (-7.2%); Administrative and support service activities (-7.0%) and Professional, scientific and technical activities (-1.8%) (see Table 1).

Table 1: Gross Value-Added Growth Rates and Contribution to Growth at Constant 2010 Prices, Q2 2023

Industry		2022 Growth Rates (%)			2023 Growth Rates (%)		Contribution to Growth (% pts)
Industry	Q1	Q2	Q3	Q4	Q1*	Q2**	2023 Q2
Agriculture, forestry and fishing	-4.9	-4.6	0.3	-28.9	-4.9	-7.0	-0.5
Mining and quarrying	-7.4	-4.4	1.0	-4.2	-12.6	-3.6	-0.3
Manufacturing	3.4	11.8	4.9	-2.6	3.7	0.8	0.1
Electricity supply	9.2	7.4	11.6	9.5	-3.4	11.3	0.2
Water supply	4.1	4.7	10.2	6.5	4.5	2.0	0.0
Construction	-7.1	-9.7	-10.3	-8.1	0.7	5.7	0.5
Wholesale and retail trade	-1.9	2.9	1.6	2.4	-1.5	-7.2	-1.2
Transportation and storage	33.0	22.4	23.6	35.0	6.5	19.5	0.9
Accommodation and food service activities	26.2	74.8	113.2	79.1	60.1	21.9	0.4
Information and communication	40.4	42.9	53.4	46.2	28.0	25.6	2.4
Financial and insurance activities	-5.2	-4.4	-4.8	7.8	14.3	14.0	0.7
Real estate activities	3.0	2.7	2.7	2.8	3.2	3.4	0.1
Professional, scientific and technical activities	-13.1	12.2	-3.1	-1.4	25.8	-1.8	0.0
Administrative and support service activities	36.5	-32.5	-25.3	-8.4	11.5	-7.0	-0.1
Public administration and defense	14.1	7.6	4.2	-3.0	-1.2	0.5	0.0
Education	21.6	16.2	27.2	17.5	21.5	24.5	1.7
Human health and social work activities	-6.9	-10.1	-6.7	7.4	12.8	17.3	0.3
Arts, entertainment and recreation	92.8	67.0	114.1	107.4	17.9	20.2	0.0
Other service activities	-30.5	4.5	12.8	-23.3	14.3	12.0	0.1
Total for the economy	3.0	5.9	7.8	4.6	4.6	5.5	5.3
Taxes less subsidies on products	-1.9	2.9	1.5	2.3	-1.5	-7.2	-0.3
Gross Domestic Product (GDP)	2.8	5.9	7.7	4.6	4.4	5.0	5.0

At National level, the Incidence of Poverty was estimated at 60.0 percent in 2022 compared to 54.4 percent in 2015

Key poverty highlights of the 2022 living conditions monitoring survey and results launch of the National Strategy for Development of Statistics (NSDS2) and SDG Baseline Report.

The 2022 Poverty Assessment In Zambia -2023

LCMS, NSDSII & SDG Baseline Presentation -2023

Sector Strategy Plan For Statistics (SSP) 2022-2026

Second National Strategy For The Development Of Statistics 2023-2027