RBM REPORTS 28% INCREASE IN EXPORTS – Malawi News Online

Figures from the Reserve Bank of Malawi (RBM) indicate that  Malawi’s exports rose by 28% in the second quarter of 2019 to hit $316.6 million, attributed to an increase in sugar exports, compared to the first quarter of the year when the country exported goods worth $247.3 million.

In June, the five-year Nation Export Strategy (NES) that closed in 2018, was declared a fail, during its review by stakeholders and involved players in the sector. During the review Malawi Confederation of Chambers of Commerce and Industry Chief Executive Officer Chancellor Kaferapanjira attributed the fail to a trade deficit of $1.1 billion, as exports in 2018 are $1.1 billion, which was lower than in 2012 when exports were at $1.47 billion.

Fast forward, the National Trade Facilitation Action Plan, has been touted as means of reducing import and export costs by 40%. The plan aims at attracting foreign investors by what it calls radical simplification and harmonization of all trade-related procedures including the single integrated information system or electronic single window.

During the launch of the plan, former Minister of Industry, Trade and Tourism Francis Kasaila attributed the country’s landlocked state as a major contributor to high cost of doing business, as territorial access to the sea is limited.

On the other hand, inched up by 3.2% to $723.7 million in the second quarter.