Thursday, May 26, 2022
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
Advertisement
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

Malawi keen to reduce negative trade balance

by Grace Phiri
30/04/2019
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Ministry of Industry, Trade and Tourism  has said while trade balance tilts against the country in absolute terms, it continues to pursue a number of policies and strategies to narrow the trade gap.

In a written response on Friday, the ministry’s spokesperson Mayeso Msokera said the policies include the review of the Malawi National Export Strategy I and the design of a successor strategy, the National Export Strategy II, which will run from 2019 to 2023.

Tea is one of the country’s main export crop

He said: “The main focus is to build the export readiness of Malawian exporters and grow the number of products being exported and that can favourably compete with foreign products in the domestic market.

“Our focus will also be on developing regional and global value chains, promoting entrepreneurship with emphasis on micro, small and medium enterprises and women and youth entrepreneurs as well as addressing critical enablers and cross-cutting issues related to exports such as energy, transport, market intelligence and trade facilitation.”

Msokera was reacting to official figures from the National Statistical Office (NSO) in a story published in Business Review last Thursday indicating that the country recorded a trade deficit of K1.26 trillion in 2017 against K1.19 trillion in 2018, representing a six percent decline.

He said despite the negative trade balance, the country registered a 24 percent export growth against four percent increase in imports.

Among the items that recorded significant positive export earnings in 2018 are tobacco, coffee, edible fruits, nuts, tea and apparel, according to NSO.

Malawi has during the review period experienced improved macroeconomic stability since 2017, characterised by a stable exchange rate and readily available foreign exchange, low inflation rates and declining interest rates.

Earlier, Malawi Confederation of Chambers of Commerce and Industry (MCCCI) chief executive officer Chancellor Kaferapanjira said despite set strategies to reduce trade imbalance, government has paid no attention to the private sector for interventions which could help create an enabling environment.

He observed that in recent years, government has failed to promote manufacturing,  to spur export-led economic growth.

Previous Post

Which is which on Queens?

Next Post

Lifa close to Olympics qualification

Related Posts

Business News

Weak tobacco exports worsen trade balance

May 25, 2022
Business News

Tobacco loans under threat

May 25, 2022
Business News

Nyasa Mobile Limited partners Vodafone

May 25, 2022
Next Post
Lifa: It is a big motivation

Lifa close to Olympics qualification

Opinions and Columns

People’s Tribunal

What was that press briefing all about?

May 22, 2022
Big Man Wamkulu

Wife, in-law plotting my downfall

May 22, 2022
My Thought

Tonse Alliance died on arrival

May 22, 2022
Layman's Reflection

New IMF programme pivotal moment for Tonse Alliance

May 21, 2022

Trending Stories

  • Mutharika on the campaign trail in 2019

    APM under pressure

    0 shares
    Share 0 Tweet 0
  • Musician Martse in hospital after fire accident

    0 shares
    Share 0 Tweet 0
  • Kalindo earmarked for diplomatic post

    0 shares
    Share 0 Tweet 0
  • Nyasa Mobile Limited partners Vodafone

    0 shares
    Share 0 Tweet 0
  • Musicians, fans mourn Martse

    0 shares
    Share 0 Tweet 0

Malawi-Music.com Top10

  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2022 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Columns
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.