Madagascar: Visió econòmica i política
Foreign trade accounts for 61% 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. 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. In 2023, the country mainly exported unwrought nickel (25.1%), vanilla (8.3% - traditionally the leading export, Madagascar accounting for a large share of global production), cloves (7.6%), titanium ores and concentrates (5.2%), and gold (3.8%). The main imports included petroleum oils (18.7%), rice (4.0%), knitted or crocheted fabrics (2.4%), palm oil (2.4%), and medicaments (2.3% - data Comtrade).
In 2023, Madagascar’s main customers were France (14.5%), the United States (12.6%), Japan (8.2%), South Korea (8.2%), and China (8.1%); whereas imports came chiefly from China (17%), Oman (13.5%), France (11.2%), India (8.7%), South Africa (5.5%), and the United Arab Emirates (5%). 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 to improve trade. While the European Union is by far the largest client of Malagasy products, exports to member states of the 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 program (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 2023, merchandise exports amounted to USD 3.2 billion, while imports reached USD 4.7 billion (WTO). In the same year, the World Bank estimated the country’s trade deficit to be at 7% of GDP (from 8.1% one year earlier). According to preliminary figures from the Banky Foiben’i Madagasikara (BFM), in 2024, goods exports fell by 17.2% compared to 2023, mainly due to lower revenues from vanilla, cloves, nickel, cobalt, and free zone products. Vanilla earnings dropped 15.4% as the average price plunged 74%, despite a 224.9% surge in export volumes. Clove exports declined 35.5% due to a 31% drop in volume and a 6.5% price decrease. In contrast, imports rose by 2.9%, driven by higher purchases of energy (+3.5%), consumer goods (+11.5%), raw materials (+2.4%), and inputs for free zone companies (+2.6%). However, capital goods (-5.2%) and food (-1.3%) declined, with rice imports plummeting 27.7%. Nickel and cobalt exports saw sharp declines of 43.9% and 47.0%, respectively, due to falling volumes and prices. Nickel shipments dropped 24.5%, while its average price fell 25.7%. Cobalt export volume decreased 30.7%, with a 23.6% price drop. Free zone exports contracted by 5.3%, as volumes fell 7.2%, partially offset by a 2.0% price increase.
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 3,942 | 3,221 | 4,408 | 5,613 | 4,750 |
Exports of Goods (million USD) | 2,696 | 2,026 | 2,726 | 3,721 | 3,213 |
Imports of Services (million USD) | 1,228 | 870 | 1,092 | 1,524 | 0 |
Exports of Services (million USD) | 1,469 | 641 | 654 | 1,142 | 0 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2019 | 2020 | 2021 | 2022 | 2023 |
Foreign Trade (in % of GDP) | 62.6 | 49.0 | 54.5 | 68.9 | 60.8 |
Trade Balance (million USD) | -844 | -900 | -969 | -970 | n/a |
Trade Balance (Including Service) (million USD) | -603 | -1,129 | -1,407 | -1,352 | n/a |
Imports of Goods and Services (Annual % Change) | 4.6 | -16.6 | 12.7 | 13.1 | -2.9 |
Exports of Goods and Services (Annual % Change) | 10.9 | -36.6 | 55.0 | 29.5 | 12.6 |
Imports of Goods and Services (in % of GDP) | 34.2 | 28.9 | 31.7 | 38.5 | 33.9 |
Exports of Goods and Services (in % of GDP) | 28.4 | 20.1 | 22.8 | 30.4 | 26.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2024 | 2025 (e) | 2026 (e) | 2027 (e) | 2028 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 0.2 | 16.1 | 8.5 | 9.9 | 7.5 |
Volume of imports of goods and services (Annual % change) | -1.1 | 13.8 | 8.9 | 7.1 | 7.2 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2023 |
France | 14.5% |
United States | 12.6% |
Japan | 8.2% |
South Korea | 8.2% |
China | 8.1% |
See More Countries | 48.3% |
Main Suppliers (% of Imports) |
2023 |
China | 17.0% |
Oman | 13.5% |
France | 11.2% |
India | 8.7% |
South Africa | 5.5% |
See More Countries | 44.0% |
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import-Export Flows.
1.1 bn USD of services exported in 2022 | |
33.44% | |
Personal travelPersonal travel | 33.00% |
OtherOther | 35.64% |
Business travelBusiness travel | 0.44% |
30.92% | |
21.73% | |
10.44% | |
2.06% | |
0.61% | |
0.46% | |
0.27% | |
0.06% | |
0.02% |
1.5 bn USD of services imported in 2022 | |
51.39% | |
14.92% | |
13.00% | |
11.48% | |
Personal travelPersonal travel | 10.77% |
OtherOther | 37.14% |
Business travelBusiness travel | 0.71% |
5.71% | |
1.11% | |
0.89% | |
0.65% | |
0.54% | |
0.31% |
Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: May 2025