According to allcitypopulation, Zambia is a landlocked country located in south-central Africa, bordered by Tanzania to the northeast, Malawi to the east, Mozambique to the southeast, Zimbabwe and Botswana to the south, Namibia to the southwest, Angola to the west and Democratic Republic of Congo (DRC) to the northwest. It covers an area of 752,614 square kilometers and has a population of 18 million people. Zambia is divided into 10 provinces and 75 districts. According to Petwithsupplies, the capital city of Zambia is Lusaka with a population of 2,000,000 (estimate 2014). Other major cities include Kitwe, Ndola, Kabwe, Chingola, Mufulira, Livingstone.
Zambia’s economy has traditionally been based on its natural resources such as copper and cobalt mining as well as agricultural production. However, since independence in 1964 it has diversified its economy with services such as tourism and financial services contributing significantly. As of 2019, Zambia’s GDP was estimated at US$32 billion with a growth rate of 3.1%, making it one of Africa’s fastest growing economies.
The agricultural sector accounts for approximately 25% of Zambia’s GDP with crops such as maize (corn), cassava (manioc) and groundnuts being some of the most important products produced in Zambia. Other important crops include wheat, sorghum, millet and rice while livestock production includes cattle rearing for meat production along with poultry farming for eggs and chicken meat production.
The mining sector is a major contributor to Zambia’s economy accounting for around 12% of GDP in 2019 alone with copper being its main export product followed by cobalt zinc, lead, uranium, coal, gold, silver, tantalite, emeralds etc. In addition to copper mining there are also other minerals such as coal which are mined mainly for power generation while gold is mainly used in jewellery manufacturing.
The manufacturing sector accounts for around 10% if GDP with textiles being one if its main products followed by electronics food processing chemicals etc. Other industries include construction engineering telecommunications tourism transport banking finance etc. The service sector accounts for around 50% if GDP with telecommunications banking finance insurance real estate etc all making up significant portions if this sector.
In conclusion, Zambia has made great strides towards economic development since independence in 1964. Its economy is based on both natural resources such as copper mining along with agriculture while other sectors such as manufacturing services etc have contributed significantly towards economic growth. With its fast growing economy coupled with a strategic location within Central Africa it can be said that Zambia will continue to be an important player within regional economic development going forward.
Foreign Trade of Zambia
Zambia’s foreign trade has been a major contributor to its economic growth over the years. The country is a member of the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA). Zambia’s exports are mainly copper, cobalt, tobacco, maize and non-traditional exports such as flowers and vegetables. Its imports include machinery, transport equipment, chemicals, plastics and textiles.
The main export destinations for Zambian products are China, South Africa, India, Switzerland and the United Kingdom. China is currently Zambia’s largest trading partner with exports to China accounting for around 40% of Zambia’s total exports in 2019. Other major export partners include South Africa (19%), India (9%) and Switzerland (7%).
In terms of imports, Zambia mainly imports from South Africa which accounts for around 35% of its total imports followed by China (17%) and India (11%). Other important import partners include Germany (6%), United States (5%), Japan (4%), Netherlands (3%) and United Kingdom (2%).
Zambia has also established several free trade agreements with other countries which allow it to benefit from preferential trading terms. These include agreements with COMESA member countries which allow duty-free access for products originating from these countries as well as an agreement with the European Union which grants duty-free access to Zambian exports in exchange for liberalizing its markets to European goods.
Overall, foreign trade has been an important factor in driving economic growth in Zambia over the years. The country has managed to diversify its export base by expanding into non-traditional sectors such as flowers and vegetables while at the same time taking advantage of free trade agreements to gain access to lucrative markets abroad. As a result of this strategy, Zambia has been able to increase its foreign exchange earnings significantly while also providing an impetus for further economic development within the country.
Major Trading Partners of Zambia
Zambia’s major trading partners are South Africa, China, Democratic Republic of the Congo (DRC), United Arab Emirates (UAE), India, and Zimbabwe. South Africa is Zambia’s largest trading partner and the two countries have a long-standing relationship. Trade between them is mainly in minerals such as copper and cobalt, as well as in agricultural products like maize. In addition to this, South Africa is also a major source of manufactured goods for Zambia. China is another important partner for Zambia; it exports mainly manufactured goods such as electronics and machinery to Zambia while importing copper ore and other minerals. The DRC is another major trading partner of Zambia; it exports mainly raw materials such as timber and agricultural products while importing manufactured goods from Zambia. The UAE has emerged as an important trading partner for Zambia in recent years; it exports mainly oil products to Zambia while importing copper ore from the country. India is also an important trading partner for Zambia; it imports mainly copper ore from the country while exporting food items, textiles, vehicles, pharmaceuticals, and IT services to Zambia. Finally, Zimbabwe is also an important trading partner for Zambia; the two countries have a long-standing relationship with each other that dates back to pre-independence days. Trade between them mainly consists of agricultural products like maize as well as minerals like cobalt and zinc.
Major Imports and Exports of Zambia
Zambia’s major imports include machinery, electronics, and vehicles while its major exports are copper ore, cobalt, and agricultural products such as maize. Machinery and electronics are imported mainly from China, South Africa, and India while vehicles are imported mainly from Japan and the United Kingdom. Copper ore is the country’s largest export; it is exported to countries such as China, India, South Africa, and the Democratic Republic of the Congo (DRC). Cobalt is another important export for Zambia; it is exported mainly to countries such as Japan and the United Arab Emirates (UAE). Finally, agricultural products like maize are exported mainly to Zimbabwe as well as other neighboring countries.
In terms of imports, Zambia relies heavily on manufactured goods from countries such as China and South Africa. These goods include machinery for use in mining operations as well as electronics for use in telecommunications networks. Vehicles are also imported from Japan and the UK; these include cars for personal use as well as trucks for commercial purposes. In addition to this, Zambia also imports oil products from the UAE.
Overall, trade between Zambia and its major trading partners is a key driver of economic growth in the country. The exports of copper ore and cobalt have helped to boost foreign exchange earnings while imports of manufactured goods have helped to create jobs in industry sectors like manufacturing. Moreover, agricultural exports have helped to support rural livelihoods while oil imports have been essential for running transport fleets across the country.