Zambia signed a contract to export of 300 000 tonnes of maize to Zimbabwe from its huge surplus of carry-over stocks from last year, Zambiaâ€™s Food Reserve Agency (FRA) said on Saturday.
â€œThe sell reduces the surplus stock being held by the agency to 330 436 tonnes,â€ the FRA, which is in charge of maize exports, said in a statement.
The agency said it planned to reduce surplus stocks to 46 495 tonnes by June to create space for new stock and prevent price distortions.
The FRA estimated that Zambia lost 190 388 tonnes of maize from its 2011/2012 harvest due to inadequate storage facilities.
Carry-over stocks of 770 931 tonnes from the last season plus current production gave the country a maize surplus of 1 035 333 tonnes.
Zambiaâ€™s maize output declined by about 6 percent to 2.8 million tonnes in the 2011/2012 season.
It needs just over 2.5 million tonnes of maize for human consumption, strategic reserves, stock feed and brewing.â€”Reuters