Key facts
- Zambia's current account swung to a surplus of USD 396.4 million in Q1 2026 from a deficit of USD 278.6 million in Q1 2025.
- The goods balance improved significantly, rising 350.6% year-on-year to USD 1,276.1 million.
- Exports increased by 55.4% year-on-year to USD 4,477.5 million, with copper exports surging 62.8% year-on-year.
- Imports climbed 23.3% year-on-year to USD 3,201.4 million.
- The services deficit narrowed by 21.2% year-on-year.
- Preliminary annual current account data for 2025 shows a deficit of USD 1,577.4 million, or 5.1% of GDP.
Zambia's current account (CA) balance has swung to a surplus of USD 396.4 million in the first quarter of 2026, a significant turnaround from a deficit of USD 278.6 million recorded in the same period of 2025. This improvement is largely attributed to a robust performance in the goods balance, which saw a 350.6% year-on-year increase to USD 1,276.1 million. Exports surged by 55.4% year-on-year to USD 4,477.5 million, driven by a substantial 62.8% rise in copper exports to USD 3,226.1 million. Imports also grew, but at a slower pace of 23.3% year-on-year, reaching USD 3,201.4 million. The services deficit narrowed by 21.2% year-on-year to USD 105.3 million, aided by a 29.2% increase in travel receipts. However, the primary income deficit widened by 72.5% year-on-year to USD 920.8 million, indicating continued pressure on the external account. Preliminary annual data for 2025 indicates a wider current account deficit of USD 1,577.4 million, or 5.1% of GDP. Gross international reserves increased by 28.3% year-on-year to USD 5,532.6 million by the end of 2025, improving import cover. The IMF forecasts Zambia's current account to move from a deficit of 3.5% of GDP in 2025 to a surplus of 0.9% in 2026 and 1.9% in 2027, supported by expected firmer copper prices and easing external debt service pressures.