Trade deficit improves, but Mozambique remains dependent on some products

19 March 2007

Maputo, Mozambique, 19 March – Mozambique’s foreign trade surplus has fallen over the last few years from US$733 million in 2002 to US$436 million in 2006, the president of the Institute for Export Promotion, IPEX, João Macaringue, said in Maputo last week.

Macaringue explained that the base of Mozambican exports had grown, but added that this trend was mainly being sustained by mega-projects, which had a weight of over 70 percent.

According to the published figures, Mozambique sold goods worth US$809 million in 2002, US$1.5 billion in 2004, US$1.645 billion in 2005 and US$2.37 billion in 2006.

The list of exported products is led by aluminium ingots from Mozal, with 59.1 percent, which are followed by electricity, 7.5 percent, natural gas, tobacco, shrimp and cotton, with lower percentages.

Mozambique imported products to the value of US$1.5 billion in 2002, US$1.752 in 2003, US$2.34 billion in 2004, US$2.408 billion in 2005 and US$2.807 billion in 2006.

According to Macaringue Mozambique is very dependent on exporting minerals and in his opinion it was necessary to “work more to reduce the deficit in what are the main principles in fighting poverty, namely agricultural products that make the difference in increasing the population’s income.” (macauhub)