Firm exports 240MT soya beans to China

Paramount Holdings Limited has exported a trial consignment of 240 metric tonnes (MT) of soya beans to China, unlocking a huge export market to the Asian country following rigorous process of certification.

The firm’s managing director Mahesh Ghedhia said in an interview last week that his company emerged successful after undergoing a thorough accreditation process by the Chinese Government to assess the quality of the produce.

“This shipment opens doors for Malawian exporters and we plan to increase our volumes because the Chinese market is looking for 100 000 metric tonnes of soya beans,” he said.

Ghedhia, however, said the exports are subject to waivers that the ministries of Trade and Industry and Agriculture would give to exporters as soya beans is under export restrictions.

Malawi Investment and Trade Centre chief executive officer Paul Kwengwere said in an interview on Friday the successful shipment of the first batch represents a culmination of efforts by various stakeholders.

Minister of Trade and Industry Sosten Gwengwe said the China export deal is a government-to-government agreement and, so far, they have signed protocols on soya beans, macadamia nuts, dry chillies and negotiations are ongoing to sign protocols on tobacco, tea and ornamental fish.

In 2023, Malawi exported $6.9 million (K12 billion) worth of soya beans from $2 million (K3.5 billion) the previous year, according to the 2024 Malawi Government Annual Economic Report.