Key facts
- Zambia's current account recorded a surplus of $396.4 million in Q1 2026.
- The goods surplus surged 350.6% year-on-year to $1,276.1 million.
- Strong copper exports and firmer shipments contributed to the goods surplus.
- The services deficit narrowed by 21.2% year-on-year.
- Travel credits increased by 29.2%, narrowing the services deficit.
- Preliminary 2025 data showed a current account deficit of $1,577.4 million (5.1% of GDP).
Zambia's current account experienced a significant turnaround, shifting to a surplus of $396.4 million in the first quarter of 2026. This improvement was primarily driven by a substantial 350.6% year-on-year increase in the goods surplus, which reached $1,276.1 million. The rise in the goods surplus was attributed to strong copper exports and firmer overall shipments. Concurrently, the services deficit narrowed by 21.2% year-on-year, bolstered by a 29.2% increase in travel credits. However, the primary income deficit widened by 72.5% year-on-year, exerting pressure on the external account. The financial account remained in deficit, and net errors and omissions also turned sharply negative. Preliminary data for 2025 indicated a wider current account deficit of $1,577.4 million, representing 5.1% of GDP, despite an increase in foreign exchange reserves.