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Exports to US exceed $47mn last year

02
Feb '07
During the last fiscal year country's exports to the US earned US $47.4 million.

These exports mainly consisted of agricultural and textiles and apparel products.

Statistics revealed that the textile and garment products worth $14.9 million were exported between January and October last year.

According to Newby Kumwembe, the Secretary for Industry, Trade and Private Sector Development, Malawi is trying to capture its expertise in the international export market.

Malawi has agreed on an extension for the third country provision in the African Growth and Opportunity Act (AGOA) initiative which allows a country to import raw materials from another country and manufacture and export the finished products.

This AGOA initiative has created 1.5 million for Malawi people and this will also permit them to export goods worth $448 million to US each year.

According to data from the US Department of Commerce, Malawi's trade with the US for 2002, 2003 and 2004 reached $46.9 million, $59.3 million and $64.42 million, respectively.


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