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.
Zambia's current account swung to a surplus of $396.4 million in the first quarter of 2026, driven by a significant increase in copper exports and stronger goods shipments. The services deficit also narrowed, aided by a rise in travel credits.
The shift to a current account surplus indicates improved external balance for Zambia, potentially easing pressure on its foreign exchange reserves and debt servicing capacity, though the widening primary income deficit and negative financial flows warrant close monitoring.
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.
Pick the topics you care about. Get only what matters, on your cadence.