ZAMBIA’s trade deficit reduced to K958.3 million in July 2015 from the nearly K1.3 billion which was recorded the previous month.
The country’s inflation rate for the month of August has, however, increased to 7.3 per cent from 7.1 per cent posted in July 2015.
Central Statistical Office (CSO) director of census and statistics John Kalumbi said Zambia recorded a trade deficit valued at K958.3 million in July, which is a decrease from the K1.293 billion recorded in June 2015.
This means that the country imported more in July 2015 than it exported in nominal terms.
Zambia’s major export products categories in July were from the intermediate goods accounting for 80.4 per cent.
“Other exports were from consumer goods, capital goods and raw materials category, which collectively accounted for 19.6 per cent of the total exports in July 2015,” Mr Kalumbi said.
Mr Kalumbi said this during the CSO monthly briefing in Lusaka yesterday.
On the inflation, Mr Kalumbi said the annual rate of inflation, as measured by the all items Consumer Price Index (CPI) for August 2015 went up to 7.3 per cent compared to 7.1 per cent recorded in July, 2015.
This means that on average, prices increased by 7.3 per cent between August 2014 and August 2015.
He said the increase was attributed to the rising of inflation in the transport sector.
“Of the total 7.3 per cent annual inflation rate recorded in August 2015, food and non-alcoholic beverage products accounted for 4.0 percentage points, while non-food products accounted for 3.3 percentage points,” he said
He said North-Western province recorded the highest annual rate of inflation at 8.2 per cent, followed by Lusaka province at 8.0 per cent.
Western Province registered the lowest annual rate of inflation at 5.3 per cent in August 2015.