Malawi Losing K700 Billion Every Year Through Illicit Exports

Malawi is losing about $700 million (about K710 billion) per annum through illicit export of various agricultural commodities, Finance Minister Sosten Gwengwe had said.p

Gwengwe was speaking in Lilongwe on Tuesday when he announced a set of measures authorities have put in place to curb smuggling of agricultural commodities is concerned.

He said last year, statistics indicate that the country exported goods worth $1.4 billion but that in reality, the amount of export proceeds that came to the country were seen at just around $700 million.

According to Gwengwe, this year alone, 300 thirty-tonne trucks have been impounded as they tried to export agricultural commodities without following the right procedures.

Gwengwe said the measures are being implemented after noting that there are a number of unscrupulous individuals that are smuggling out various products, including agricultural produce such as maize, groundnuts, beans and soya, as well as precious minerals without the knowledge of relevant authorities.