Thus, the trade deficit stood bellow 488 million USD in 2006, down from 663 million USD reported in 2005 and, the Mozambican president, Armando Guebuza attributes this achievement to diversification of exports products, coupled with the growth of export revenues.
Guebuza, who was speaking at the open ceremony of the 43rd edition of the Maputo International Trade Fair (FACIM), also pointed out the increase of exports of traditional products, which contributed with 692 million USD of the total exports revenues.
Therefore, said Guebuza, this shows that Mozambique is in a position to compete on equal terms in regional markets and in the global economy, to the advantage of country's companies and this is a further indication that Mozambican companies are improving their skills and expanding their trade relations.
On the occasion, the Mozambican president said that another major challenge "is the need to explore export of non-traditional products that would also improve considerably our revenues", adding that these results give us courage to face the Southern African region as a marketplace where we can compete under the same terms with our trade partners and promote the growth of our exports".
According to Guebuza, this is the last opportunity for Mozambican companies to display their potential before the new Free Trade Area comes into force in the Southern African Development Community (SADC, which is expected to be officially launched in August 2008.
At least 15 countries are attending the 43rd FACIM edition, of which six from the SADC region, taking place from the 27th until 2nd of September 2007.
The current edition is taking place under the theme "Made in Mozambique, seeking regional integration".
Sources from the consortium Fairs, Exhibits and Congresses Management Society (SOGEX) have disclosed that 105 of the 223 companies attending this event are Mozambicans.
Also, there are 16 countries attending the current event, up from 13 in 2006, namely South Africa (through the province Mpumalanga), Swaziland, Zimbabwe, Tanzania, Botswana, Zambia, Angola, Ethiopia, Portugal, Spain, Germany, Vietnam, Canada, Brazil, Macao, including Mozambique.
This is the first time that Vietnam and Ethiopia are attending this event. The current edition also marks the return of Angola after 10 years of absence, while Zambia attended this event more than five years ago.
Meanwhile, Luis Covane, spokesperson of the Mozambican government said earlier this month that country's economy grew by 8.8 per cent in the first half of the year, an indication that there are good prospects for the country meeting its 2007-target growth of seven per cent, while in the same period, inflation remained at 3.7 per cent.
Mozambique's principal exports include seafood, cashew nuts, cotton, sugar, copra, citrus, coconuts, tobacco, and timber.
On the other hand, country's chief imports include food, clothing, farm equipment, petroleum, and transport equipment.
Mozambique has been making a determined effort to create an environment that is conducive to private investment, both domestic and foreign.
Mozambique's GDP growth has been among the highest in the world since 1996; the economy has grown at over eight per cent a year over the past decade, one of the highest in the world.
SOURCE: AIM
