May 8, 2024

 

Company in Malawi succeeds in exporting 240 metric tons of soybean consignment to China

 

 

Malawi's soybean industry has made a breakthrough into China as the southern African country seeks to increase agricultural exports to boost its economy.

 

Malawi Investment and Trade Center's chief executive officer, Paul Kwengwere, confirmed to local media on May 3 that a 240 metric tons trial consignment of soybeans by Paramount Holdings Limited, a local company, was successfully exported and approved by Chinese authorities. He added this is a culmination of efforts by various stakeholders, including government agencies, private enterprises and Chinese representatives.

 

Paramount Holdings Limited managing director Mahesh Ghedhia told local media his company emerged successful out of the companies that went through accreditation process by the Chinese authorities to ascertain quality of the produce before it was shipped to China.

 

He said the successful trial will lead to the exportation of 20,000 metric tons of soybeans by his company.

 

"This shipment opens a door for Malawian exporters and we plan to increase our volumes because the Chinese market is looking for 100,000 metric tons of soya. We signed a 20,000 metric tons contract," Ghedhia was quoted as saying.

 

According to Ghedhia, the exports are subject to waivers that the Ministry of Trade and Industry and the Ministry of Agriculture would give to exporters as the produce is under export restrictions.

 

Malawi's Minister of Finance and Economic Affairs, Sosten Gwengwe, said that the export deal with China was an inter-government agreement and, so far, both China and Malawi had signed protocols on soybeans, macadamia nuts and dry chillies.

 

He said Chinese authorities were doing their own accreditation of individual exporters of all the accredited commodities to ensure they meet standards.

 

"Those exporters that have been accredited will be given waivers on the export restrictions because they ought to fulfill contracts they signed with the Chinese importers," said Gwengwe.

 

Malawi's total exports for soybean in 2023 was recorded at US$6.9 million, according to the country's 2024 annual economic report.

- Xinhua