On paper, Switzerland is Zambia’s top export destination, but this is a reflection of the concentration of commodity traders based in the country rather than physical movement of cargo. Zambia’s top exports are raw copper, refined copper, gold and precious stones. According to the latest available figures, the value of Zambia’s exports rose from around $12.2 billion in 2018 to approximately $15.7bn in 2023, with copper being the dominant commodity. When the rains fall, it also exports hydropower-generated electricity. Imports averaged $9–10bn annually from 2020 to 2024, with the main categories being machinery, electronics, vehicles, chemicals and fuel. Zambia usually has a trade surplus, but this varies with global commodity prices and domestic demand. This year, the leading exporters to Zambia are China (23% of imports, $3.6bn), South Africa (18%, $2.8bn), India (10%, $1.6bn), United Arab Emirates (UAE) (7%, $1.1bn), and the United Kingdom (6%, $0.9bn, according to trade data platform Volza. India’s main exports to Zambia are packaged medicines, delivery trucks and raw plastic sheeting, while the UAE supplies refined petroleum, diamonds and nitrogenous fertilisers. There are moves to reduce Zambia’s dependence on copper exports. Its other abundant natural resource is fertile land, and the government is backing projects and international investments in agribusiness. In May 2025, the African Development Bank approved a risk-sharing guarantee to support a $100 million Zambeef expansion. Zambeef, one of southern Africa’s largest integrated cold-chain food producers, will use the funding to optimise existing assets and scale operations, according to the bank. This followed the provision of a $491m grant by the US-based Millennium Challenge Corporation (MCC) for a farm-to-market compact which addresses logistics, finance and agro-processing. There are also moves to process locally mined minerals and gemstones, and invest in renewable energy. ER
