Failure by Malawi to add value on local products is being cited as the cause for the imbalances between exports and imports.
This has been said after figures by the National Statistical Office have shown an increase in total imports to 549.56 billion Kwacha in August 2024, a jump from 344.07 billion Kwacha same period last year.
Meanwhile total exports have jumped from 137.99 billion Kwacha last year in August to 321.99 billion Kwacha the same month this year.
The increase in both scenarios represents a 60 percent and 33 percent increase, respectively.
Linda Kunthembwe a Social Economic analyst attributed the situation to financial constraints preventing the country to fully industrialize.
Speaking to MIJ Online, Kunthembwe highlighted the need to invest in industrialization for the country to maximize its export capacity.
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