A financial and economic review published by the Reserve Bank of Malawi (RBM) has revealed that the country imported goods and services worth $833.6 million while exporting goods and services worth $204 million, representing a record low trade balance that hit -$629 million.

The figures above are studied between the months of October and December 2020, showing a widening trade balance of 41%. While the trade balance has been worsening over the last years, the Minister of Trade Sosten Gwengwe said the figures released recently by RBM may not represent the situation on the ground as exports data are rarely captured in the country while imports data are heavily reported.

“What we record as exports is not a true reflection of what we send out of the country but, still, we have the National Export Strategy 2 which will keep on encouraging exporters to do more,” Gwengwe said. The National Exports strategy (NES) 2 follows after NES 1 failed attempt to improve exports for 5 years.