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Mozambique is a net importer of goods and services. The average ad valorem tariff for imported goods is 10.3% (2007). The country’s major exports include agricultural products, coal textiles, cement, glass, asbestos, tobacco and aluminium. The country’s largest foreign investment project, the Mozal aluminium smelter, has increased export earnings considerably. The import and export of local currency is prohibited and foreign exchange transactions, including the surrender of foreign exchange proceeds, are effected through commercial banks. All imports above the value of $US500 are subject to licensing by the Ministry of Commerce. The customs tariff is based on the Customs Co-operation Council Nomenclature (CCCN).