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August 20, 2008

Zambian commodity exchange records $8 million of trade

The Zambia Agricultural Commodities Exchange (ZAMACE) has recorded trades valued at over US$8.3 million involving 21,920 tonnes of various commodities.

The commodities were traded as at July 18, 2008 yielded US$ 8,311,230, with wheat and maize accounting for 44 and 37 per cent of the transactions respectively. This is according to the, ‘The Zambian Farmer’ produced by the Zambia National Farmers Union.The publication states that Zamace recorded its first trade last October at a time when commodities available for trade were at a low volume.

In terms of tonnage, maize transactions were the highest, recording 11,360 tonnes while wheat accounted for 7,315 tonnes. Other commodities that traded on the Zamace during the period include Soya, fertiliser, cement, maize barn, fuzzy cottonseed and kidney beans.

The publication says the agricultural commodity exchanges had brought more formality to trading methods, enhanced market transparency and increased the quantity and quality of commodities traded. The report says this benefited the agricultural sector and the economy as a whole. It says the agricultural commodities market in Zambia, like in many African countries, faced a multitude of market imperfections that stifle growth in the wider agricultural sector.

Among issues suppressing the sector were poor market information, inadequate reliable data on trade flows, poor communication and high transaction costs associated with quality variations among others. Zamace is an indigenous registered corporate entity, managed and self-regulated by the agricultural industry.

Zambia Daily Mail

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