The Public Policy Institute of Zambia has observed the need for Zambia to diversify its economy and not solely depend on copper exports as its earner for foreign exchange.
Institute President Fabian Chewe says this is because prices of copper on the international market sometimes decreases saying this may have an impact on Zambia’s forex.
The volume of Copper exported in September 2018 decreased by five point one percent from about ninety three thousand four hundred metric tonnes in August 2018 to about eighty eight thousand six hundred metric tonnes in September 2018.
The Copper prices on London Metal Exchange market for the corresponding months decreased by zero point three percent, from six thousand and thirty nine point eight US dollars per metric tonne in August 2018 to six thousand and twenty US dollars per metric tonne in September 2018.
Copper accounts for the largest proportion of Traditional Exports, any change in the volume and price has a direct bearing on the performance of Traditional Exports.
Mr. Chewe tells Money FM News that this should motivate the country to promote and invest in agro processing.
He says this will help the country in reducing imports of certain produces.