Intra-EAC trade thins by 5.5 pc on Covid-19 nightmare

By Seth Emmanuel

The intra-EAC trade drop by 5.5 percent to USD. 5.9 billion In 2020 due to COVID-19 while exports from the bloc to the world hit 16.2 billion in 2020 a 3 percent boost in comparison to 2019.

This was highlighted during the Webinar on EAC Trade & Investment Recovery amidst COVID-19 organized by the East African Business Council.

Trade at the EAC Secretariat director, Alhajj Rashid Kibowa said the EAC Post COVID-19 economic recovery plan is under country consultation. He further said the pandemic impacted trade performance noting that EAC import declined to 3.56 billion in 2020 from 3.95 billion in 2019.

The Foreign Direct Investments (FDI) in the EAC is estimated to have dropped by 43 percent to USD. 4.9 billion In 2020 and jobs declined by 2 percent, wiping out the gains made in previous year. In 2019 EAC bloc recorded USD. 8.66 billion FDI a 375 percent rise from 2018.

The Secretariat has now embarked on digitalization & harmonization of COVID-19 procedures to ease movement of cargo and holds regular consultations with the Ministries of Health, Finance and Trade to monitor and gauge the social and economic impact of COVID-19 in order for the EAC bloc to move in unison.