trade

The country’s trade deficit rose sharply by 150.9 percent in September compared to August, representing the highest trade deficit recorded so far in 2015, according to the Central Statics Office (CSO).

trade John Kalumbi, the CSO Director said the country recorded a trade deficit valued at 1,819.5 million Zambian Kwacha(about 146 million U.S. dollars) in September compared to a trade deficit of 725.3 million Kwacha(about 58 million U.S. dollars) recorded the previous month.

“This means that the country imported more in September 2015 than it exported in nominal terms. The external outlook is still not favorable because we now have a huge trade deficit,” he said during the CSO monthly briefing.

The official however said there is need for the country to diversify its economy and improve the production base in order to increase exports, a move that will result in increased foreign exchange earnings. Enditem

Source: Xinhua

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