Covid-19 affects export market

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By Earlene Chimoyo

The continued spread of the coronavirus has affected the country’s export market, which has since dwindled sharply.

The pandemic has disrupted industries and other production sectors due to various restrictions.

According to a first quarter Financial and Economic Review report from the Reserve Bank of Malawi, the country’s merchandise trade account deficit narrowed.

The exports have shrunk from $306.2 million in the first quarter of 2019 to $172.9 million this year.

This they attribute to a seasonal reduction in agricultural export commodities and a decline in global demand due to the COVID-19 pandemic.

The report further indicates a drop in imports as well, which has also resulted to a national trade deficit of 498.4 million dollars.

This is an increase from last quarter of 2019 where the trade deficit stood at $476.7 million.

The development comes as the government is also gripped with fear of a high possibility of low revenue collection in the third and fourth quarters of the year.

 

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