Saturday, August 13, 2022
  • About Us
  • ImagiNATION
  • 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

MCCCI tips govt on narrowing trade gap

by Grace Phiri
18/08/2021
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Malawi Confederation of Chambers of Commerce and Industry (MCCCI) says the country needs to invest in manufacturing infrastructure and pursue an export-oriented strategy that provides quick-wins to tame the rising trade deficits.

MCCCI president James Chimwaza said this in an interview on Sunday in the context of published National Statistical Office (NSO) figures indicating that the country’s trade balance worsened over a 10-year period to K1.4 trillion in 2020 from K159 billion in 2010.

He said the widening trade deficit has eliminated manufacturing sector jobs and has had a negative impact on the country’s foreign exchange reserves.

Investment in the manufacturing sector is key to boosting the economy

“We need to pursue an export-oriented strategy that provides quick wins and at the same time build our industrial sector to reduce imports that can easily be produced locally,” said Chimwaza.

He said there is also need to intensify initiatives for import substitution of products and services. 

“Wherever possible, we should aim to fulfil the local demand with local supply whereby with specialisation, we may ultimately supply the same abroad,” said Chimwaza.

According to an NSO Trade Statistics Brief for July to December 2020, Malawi has in the past decade seen imports rise threefold from K325.8 billion in 2010 to K2 trillion in 2020 while exports rose threefold from K166.7 billion to K574.6 billion, creating a negative trade balance of K1.4 trillion.

Between July and December 2020, for instance, Malawi’s trade balance gap increased to K831.8 billion with imported merchandise at K1.18 trillion while exported merchandise stood at K326.6 billion.

In terms of markets, European Union (EU) was the major destination for Malawi’s exports in the review period with total exports amounting to K152.1 billion, followed by the Southern African Development Community and Common Market for Eastern and Southern Africa at  K65.6 billion and K59.6 billion, respectively.

Ministry of Trade spokesperson Mayeso Msokera said in an interview last week that the ministry is banking on the National Export Strategy for a turnaround and the commencement of trading under African Continental Free Trade Agreement, which will cover a market of 1.2 billion people and estimated $3 trillion in combined gross domestic product, to boost exports through the expanded market.

Previous Post

MHRC to probe activist’s arrest, torture

Next Post

Committee moves to bring down fertiliser prices

Related Posts

Business News

Universities move to to popularise MW2063 

August 12, 2022
Business News

Dealers tip govt on forex supply

August 12, 2022
Business News

Financial inclusion, an opportunity for Africa

August 11, 2022
Next Post

Committee moves to bring down fertiliser prices

Opinions and Columns

Bottom Up

Mindset change should target Indian-Malawians

August 12, 2022
My Turn

Legalise cannabis for poor farmers

August 12, 2022
Editor's Note

Govt set to develop Whistleblower Protection Act

August 11, 2022
Business Unpacked

How government is killing parastatals softly

August 11, 2022

Malawi-Music.com Top10

Trending Stories

  • Chakwera withheld delegated duties from Chilima

    Did ACB, LMC rush? 

    0 shares
    Share 0 Tweet 0
  • Minister allays Shoprite exit fears

    0 shares
    Share 0 Tweet 0
  • Covid-19 pushes Kuhes into drug manufacturing

    0 shares
    Share 0 Tweet 0
  • No DPP candidate endorsements from us—APM

    0 shares
    Share 0 Tweet 0
  • K1bn organic fertiliser plant rolls into action

    0 shares
    Share 0 Tweet 0

  • 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.