THE 2015 trade deficit was anticipated but it does not worry Government because it can be reduced, says Minister of Commerce, Trade and Industry Margaret Mwanakatwe.
Ms Mwanakatwe said Government believed that it had the capacity to reduce the K1,226.1 million trade deficit recorded in November and the K2, 585.3 million for October last year.
“This is a deficit that we are experiencing at the moment; we anticipated it but it is not a deficit that we are overly worried about as a Government because we believe that it is a deficit that we can reduce in the future,” she said.
She said Government was undertaking serious measures to plug the gap and avoid a similar situation this year.
“We are undertaking a lot of measures to plug the gap, to be honest it is not a figure that is worrying, it is a figure than can be reduced.
“We are not too concerned about the figure because I think we can do it. I am happy to share with you more on how we are working as a ministry and the measures taken to plug the gap,” she said.
Recently, the Central Statistical Office (CSO) announced that Zambia recorded a trade deficit in November 2015 of K1,226.1 million because the country imported more than it exported in nominal terms.
According to CSO, the K1, 226.1 million deficit recorded in November represented a 52.6 percent decrease in the trade deficit from K2, 585.3 million recorded in October 2015.
This meant that Zambia imported more in November 2015 than it exported in nominal terms.
However, the highest trade deficit recorded in 2015 was in October valued at K2,585.3 million while the lowest was recorded in February 2015 at K74.8 million.
Zambia’s major export products in November 2015 were from the intermediate category, mainly copper cathodes and sections of refined copper accounting for 80.0 per cent.