An economic review report from the Reserve Bank of Malawi (RBM) shows that Malawi has slightly narrowed its trade deficit.
A trade deficit is when a country’s imports exceed its exports by a certain margin.
The July 2024 RBM Economic Review Report shows that the trade deficit has gone down from $232.8 million in June to $217.7 million in the month under review.
This has been attributed to a $27.8 million increase in exports, representing 49 percent which has managed to offset a 4.4 percent increase in imports during the same period.
So far, the increased exports are emanating from high earnings from tobacco, pulses and wood.
Government is currently championing the agriculture, tourism and mining (ATM) strategy, which aims at leveraging the three sectors to grow the economy through import substitution and increased exports.
