By Linda Kwanjana
Malawi economy is expected to grow since trade imbalance which has been of major concern is soon going to be closed.
We have witnessed a decline in exports and an increase in imports hence a worsening trade balance-the difference between goods exported and imported.
For instance, goods exports have declined from about USD1.29 billion in 2012 to USD1.2 billion in 2021, representing over 20% fall, while goods imports increased from about USD2.7billion in 2021 to about USD3.1 billion in 2021 representing a 16.9% rise.
Overgrowing appetíte for foreign goods which he said has been growing, has been affecting the economy while the abilíty to produce for foreign markets has been declining.
But speaking while opening this years Malawi Exporters Awards conference in Lilongwe, Minister of Trade and Industry Simplex Chithyola said Government while using National Export Strategy II, is geared to make Malawi a competitive, compliant, diversified and sustainable sourcing destination of goods and services for the regional and global marketplace and to increase exports as percentage of GDP from 14.6% to 20%.
He said Malawi is deeply integrated into the World market through its comprehensive network of bilateral, regional and multilateral trade agreements.
He said Made in Malawi goods enjoy preferential market access, predominantly Duty Free and Quota Free into the European Union under the Everything but Arms (EBA) initiative.
On top of that Malawi is party to the United States of America (USA) under the Africa Growth and Opportunity Act (AGCOA).
The Minister said Malawi can achieve more in terms of exports being a member of the African sub continent through its membership to the Southern Africa Development Community (SADC) and Common Market for Eastern Africa (COMESA).
Malawi also benefits from preferential market access under Generalised Scheme of Preferences (GSP) and as a LDC from several countries.
Malawi Exporters Award Conference is multi stakeholder gathering of delegates drawn from the private sector, public sector, civil society, academia and development partners to discuss areas of interest to the exporting community and the development of the economy at large.
This year’s Conference is running under the theme “Towards building more inclusive, diversified and connected export readiness for sustainable economic development” which is consistent with the National Export Strategy II.
