Although Zambia has been an independent country for almost 60 years, indications are that its economy continues to be heavily dependent on copper with more than 70 percent of the total export value being comprised of the metal. Furthermore, the bulk of the copper continues to be traded as a commodity in international markets in much the same way as would have been the case during colonial times.

While the Non-Traditional Exports (NTEs), i.e. those exports other than copper, make up almost 25 percent of exports by value, yet the components from the sectors that make up these NTEs are all small amounts, in most cases each less than 5 percent. These trends in concentration also apply to the export markets with, in the last few years, Switzerland accounting for more than 40 percent of exports. The final aspect to appreciate in terms of lack of diversification is the cyclical nature of the price of copper. As a consequence, through Zambia’s complete lack of control on this the country has in many ways failed to control its destiny. This has been demonstrated by a deterioration in trade over time, accelerating after the 1973 oil crisis.

Report by the African Development Bank