LISTED cables manufacturer, CAFCA Limited is exporting its products to African countries in a development set to spur its foreign currency earnings.

Presenting a trading update for the first quarter of 2023,CAFCA company secretary Caroline Karanga revealed that despite exports going down, the company is pursuing a vigorous export strategy.

"Export volumes were 34 tonnes down in the current quarter versus the same quarter last year. Our customers in Malawi continue to experience difficulty in obtaining foreign currency so stock replacement there is slow.

"Mozambique in the comparative period had a large once off order which was not repeated in the current year yet there is a large order to be delivered in March which will close the shortfall to this region.

"Rwanda is steady and we are expecting an order in March to DRC. We have opened a consignment stock arrangement in Tanzania," she said .

She however said local volumes for the quarter were 8 % down on the same quarter last year with the drop being mainly in the utilities sector and factory cash sales.

Cafca hopes that utilities will pick up in the next quarter with two of the three utilities placing new orders and the barter deal hopefully improving as the focus reverts to harvesting and not faults.

Factory cash sales were down as a result of an uncompetitive US $ price which has since been resolved with the change in the retention rules.

"CAFCA has 3 months sales cover in finished goods stock giving us the ability to meet the +/- 1400 stock lines the market requires in relation to our weekly production target of 16 line items. We believe that the next three months' volume will be higher than the current quarter's volume," she added.