LUSAKA, Feb. 2 (Xinhua) -- The decision by Zambian authorities to ban maize exports during the 2016/2017 marketing season cost the southern African nation 270.5 million U.S. dollars, an agricultural think-tank said on Friday.

The Indaba Agriculture Policy Research (APRI) said the maize export ban undermined agriculture-led growth as the private sector were deprived an opportunity to take advantage of a maize shortage that had hit the southern African region.

"Closing the borders at a time when the regional demand was high cost the country significant foreign exchange. The export ban undermined private sector participation in the maize trade," the think-tank said in its quarterly bulletin for December 2017.

It added that grain traders suffered major losses, with a number of them defaulting on loans as well as forced importing countries to source the grain from elsewhere.

The think-tank further said the country may face a reduction in maize production during the 2017/2018 season as farmers may have been discouraged by the lump in maize price offered by the government.