By Avite Mbabazi
The Eswatini Investment Promotion Authority (EIPA) Manager for External Trade Promotion Sibusiso Mnisi has revealed that the country’s average annual exports amounted to over E30 billion in 2022.
Mnisi disclosed this during the Trade Finance and Incentives Seminar at Happy Valley Hotel and Casino in Ezulwini on 24 November 2022.
According to Mnisi, about 79% of exports headed to our neighbors South Africa in 2022, a large chunk comprising a diversity of goods including, amongst other products, beef, citrus, canned fruit, refrigerators, textiles, sugar, and soft drink concentrates. Of these products, soft drink concentrates and sugar exports comprised 32.2% and 18.8 % respectively.
Moreover, during his presentation, Mnisi further stated that outside of South Africa, the second main destination for Eswatini’s exports was the Common Market for Eastern and Southern Africa (COMESA) with its 19 members where about 10 % of the country’s exports reportedly were destined.
The seminar hosted by EIPA is in line with the government of Eswatini’s Strategic Road Map which is unequivocal in stating that export trade is the key driver or engine for economic growth in the country.
Speaking about what needs to be done to render Eswatini’s exports more competitive, the manager for External Trade Promotion emphasized that Eswatini needs to find financing solutions that ensure that the country’s traders are competitive in the global trade arena which would lead to increased export revenues, expansion of firms and the creation of jobs.
Moreover, Mnisi stated that trade finance solutions from Development Finance Institutions (DFIs) coupled with partnerships with commercial banks and insurers are crucial for our exporters in ensuring that they compete in global markets.
EIPA wishes for all stakeholders to be able to appreciate the role of trade in driving economic growth and the opportunities created through Free Trade Agreements (FTAs) as well as to capitalize on trade development initiatives that the organization provides.
Eswatini still sources its lion’s share of imports from South Africa. In 2022, 81% of Eswatini’s imports came from South Africa while the European Union (EU), India, China, and the United States of America made up the rest of the primary import sources.