Madagascar: Visió econòmica i política
Foreign trade accounts for 50% of Madagascar’s GDP (World Bank), a country that collects a large share of its revenues in the form of customs duties, import taxes and VAT on imports. Madagascar is the 135th exporting economy in the world and the 134th importer (WTO). The country is a member of the WTO and COMESA (Common Market for Eastern and Southern Africa) and does not have significant non-tariff barriers. In addition, most products can be imported without an import license. The country mainly exports vanilla (22.2%), raw nickel (18.4%), clothing (9.1%), titanium ores (5%), cloves (4.2%), cobalt (3.9%), crustaceans (3.4%) and essential oils (2.8%). Its main imports are petroleum oils (13.6%), rice (6.2%), fabrics (2.7%), palm oil (2.6%), medicines (2.5%), and sugar (2%) (Comtrade, 2021).
Madagascar's main customers are France (19.2% of total exports), the United States, China, Japan, the Netherlands and Canada. Its main suppliers are China (19.4% of total imports), France, Oman, India, the United Arab Emirates, Mauritius and South Africa (Comtrade, 2021). Despite its abundant resources, Madagascar still struggles to channel its trade revenues into further development. Like other island states, Madagascar faces high transportation costs. The lack of well-developed infrastructure makes commercial transactions expensive, hindering private sector competitiveness. However, the country aims to improve logistics at the main ports and airports in order to improve trade. While the European Union is by far the largest client of Malagasy products, exports to member states of North American Free Trade Agreement have received a huge boost since 2017 following a decision by the United States to reinstate Madagascar in its trade preference programme (Africa Growth and Opportunity Act).
The country's trade balance has been traditionally negative and despite a steady increase in exports, this trend is unlikely to be reversed over the medium-term as imports continue to outpace exports. In 2021, merchandise exports amounted to USD 2.73 billion, while imports reached USD 4.41 billion. Exports of services amounted to USD 589 million, and imports reached USD 1.18 billion (WTO). In 2021, exports of goods and services increased by 11.6% compared to 2020, while imports increased by 7.3% (World Bank).
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
Imports of Goods (million USD) | 4,061 | 3,942 | 3,221 | 4,408 | 5,471 |
Exports of Goods (million USD) | 3,110 | 2,696 | 2,026 | 2,726 | 3,609 |
Imports of Services (million USD) | 1,328 | 1,228 | 870 | 1,091 | 0 |
Exports of Services (million USD) | 1,372 | 1,469 | 641 | 633 | 0 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 67.8 | 62.6 | 49.0 | 54.5 | 71.2 |
Trade Balance (million USD) | -458 | -844 | -900 | -969 | -970 |
Trade Balance (Including Service) (million USD) | -414 | -603 | -1,129 | -1,407 | -1,352 |
Imports of Goods and Services (Annual % Change) | 11.1 | 4.6 | -16.6 | 12.7 | 19.8 |
Exports of Goods and Services (Annual % Change) | 2.4 | 10.9 | -36.6 | 55.0 | 27.5 |
Imports of Goods and Services (in % of GDP) | 36.3 | 34.2 | 28.9 | 31.7 | 40.1 |
Exports of Goods and Services (in % of GDP) | 31.5 | 28.4 | 20.1 | 22.8 | 31.1 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 34.7 | 16.9 | 8.7 | 7.0 | 6.8 |
Volume of imports of goods and services (Annual % change) | 8.9 | 10.2 | 8.8 | 9.9 | 6.9 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
France | 19.2% |
United States | 18.1% |
China | 13.2% |
Japan | 8.7% |
Netherlands | 5.2% |
Canada | 5.2% |
Germany | 4.5% |
India | 3.8% |
South Africa | 3.2% |
Indonesia | 1.5% |
Singapore | 1.2% |
Switzerland | 1.1% |
Mauritius | 1.0% |
United Kingdom | 1.0% |
Belgium | 0.9% |
Vietnam | 0.8% |
United Arab Emirates | 0.8% |
Spain | 0.7% |
Italy | 0.7% |
South Korea | 0.5% |
See More Countries | 35.4% |
Main Suppliers (% of Imports) |
2021 |
China | 19.4% |
France | 10.2% |
Oman | 10.2% |
India | 8.3% |
United Arab Emirates | 5.9% |
Mauritius | 5.5% |
South Africa | 5.3% |
Malaysia | 3.2% |
Belgium | 2.9% |
Pakistan | 2.8% |
Egypt | 2.6% |
Türkiye | 1.6% |
Brazil | 1.6% |
Argentina | 1.4% |
United States | 1.3% |
Hong Kong SAR, China | 1.2% |
Indonesia | 1.2% |
Qatar | 1.1% |
Italy | 1.1% |
South Korea | 1.0% |
See More Countries | 46.0% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2023
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