The latest Annual Economic Report shows that Malawi’s trade balance (the difference between the value of a country’s imports and its exports) is projected to worsen by 16.4% this year, figures from the latest Annual Economic Report show.
The report has justified its projection by saying that all values of traditional export products are anticipated to go down in 2019. Tobacco, for instance, is projected to rake in $502 million down from $516 million while earnings from sugar, cotton, coffee and edible nuts are also estimated to fall in the year.
In June this year, British High Commission Charge’ d’Affaires Gary Leslie has said that most exports that go to the United Kingdom, are not in demand, hence Malawi has to diversify its products, to achieve an improved trade balance.
“The products that Malawi produces are not necessarily those which are in demand in the UK” said Leslie, “..so there is need for diversification in the Malawian economy that would make it more attractive to the UK. There is greater need for Malawi to diversify its exports to the UK.”