BY GRACE MACHA IN ARUSHA
Trade within the East African Community (EAC) bloc grew 11.2 percent last year, hitting an all time record.
Goods and services transacted during the period were valued at $ 10.1 billion, it was announced in Arusha on Tuesday June 13th.
In 2021, trade within the bloc of six nations then,before the admission of DR Congo, was valued at $ 9.8 billion.
During 2022, the EAC total exports to the rest of the world were valued at $20.139 billion.
Total imports from the rest of the world into the region amounted to $53.891 billion.
The statistics are contained in an expenditure budget speech for 2023/24 tabled before the East African Legislative Assembly (Eala).
The regional organization and its organs and institutions have proposed to spend a total of $103.8million during the fiscal year.
Burundi minister for EAC Affairs Ezéchiel Nibigira tabled the estimates at the House, currently holding a sitting in Arusha.
According to him, the most traded products within the region are cereals, cement, iron and steel, live animals, petroleum products, sugar, foods and beverages.
These, he said, signify "that our economies are agro-based with good signs of moving to industry-based.”
The 2023/24 Budget is themed “Accelerating Economic Recovery, Climate Change Mitigation and Enhancing Productive Sectors for Improved Livelihoods.”
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