Tridge summary
Mali's Minister of Industry and Trade has suspended the export of several agricultural products including rice, corn, cottonseed, cottonseed meal, millet and sorghum to ensure a sufficient food supply and protect domestic production. This decision aims to prevent a grain crisis in the global market and protect the country's most vulnerable population. Despite the economic challenges due to the Covid-19 pandemic and the impact on food prices in West Africa, Mali continues to implement the structural adjustment program recommended by the IMF to diversify its economy and foreign trade. The trade policy aims to maintain low import taxes and few regulatory barriers. In 2020, Mali's export turnover fell by 16.8% to 3.923 billion USD, while import turnover decreased by 3.1% to 4.877 billion USD. The trade exchange between Vietnam and Mali also saw a decrease in 2020, with Vietnam's export turnover to Mali reaching 13.08 million USD and import turnover reaching 23.89 million USD.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The Vietnamese Trade Office in Algeria said that Mali's Minister of Industry and Trade had issued a decision to suspend the export of rice, corn, cottonseed, cottonseed meal, millet and sorghum to ensure sufficient food supply in the country. According to Mr. Mohamed Ould Mahmoud, Mali's Minister of Industry and Trade: "This export suspension is to prevent the grain crisis that is taking place on the world market and to protect domestic production as well as the population. most vulnerable in Mali". According to the United Nations warning, food prices could increase by 30-40% in West Africa. In addition to the instability in security and politics in Mali, the supply of goods in general becomes complicated. It is known that Mali has an open economy in which foreign trade accounts for 58% of GDP. The main objective of this country's trade policy is to continue implementing the structural adjustment program recommended by the International Monetary Fund (IMF) to diversify the economy ...
Source: CafeF
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