Malawi services exports up 153%
Malawi’s exports in services to the rest of the world increased by 153 percent in the past five years figures from the World Trade Organisation’s Trade Map show.
The figures show that Malawi exported services worth K114.4 billion in 2018 compared to K45.6 billion in 2014.
The services include commercial, transport, travel, insurance, pension financial, telecommunications, computer and information technology, personal cultural and recreation.
In 2018 commercial services export were on top valued at K109 billion.
However, the country continues to import more than it exports.
In the services sector, imports grew by 113 percent during the five-year period.
In 2018, Malawi imported services worth K261.5 billion compared to K112.1 billion in 2014, mainly constituting commercial services.
Commenting on the development, Economics Association of Malawi president, Chikumbutso Kalilombe, said the overall trend is similar to exports in goods.
“This still calls for Malawi to do more as a country in various sectors and making the environment right by sorting the constraints such as power challenges, bureaucracy in the investment process, incentives to exporters among others,” Kalilombe said.
Figures released by the National Statistical Office earlier this year showed that between 2017 and 2018, negative trade balance more than doubled to K2.7 trillion from K1.2 trillion, a sign that the country is still embracing imports more than locally produced products and services.
It highlighted that petroleum, unused stamps, fertiliser, motor cars and medicines topped the import list while tobacco, tea, oil cake, sugar and soya beans topped the export list.