ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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earn a lot of foreign exchange from trade
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lose valuable revenue in trading
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local producers will make a lot of profit
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open more foreign markets for products from Mali
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Detailed explanation-1: -With lower income and higher prices, Mali’s national poverty rate is estimated to have increased from 42.5% in 2019 to 44.4% in 2021, pushing an additional 375, 000 people into extreme poverty. Food insecurity is emerging as a major threat, especially under prolonged sanctions and aggravated insecurity.
Detailed explanation-2: -Mali main export is gold (72 percent of total exports). Others include: cotton, fertilizers, oil and iron. Main export partner is South Africa (60 percent of exports). Others include: Switzerland, Burkina Faso, Senegal and Ivory Coast.
Detailed explanation-3: -In the ancient empire of Mali, the most important industry was the gold industry, while the other trade was the trade in salt. Much gold was traded through the Sahara desert to the countries on the North African coast. The gold mines of West Africa provided great wealth to West African Empires such as Ghana and Mali.
Detailed explanation-4: -Mali main import is fuel (42 percent of total imports) followed by capital equipment and foodstuffs.