Madagascar flag Madagascar: Visió econòmica i política

Xifres de comerç exterior de Madagascar

Foreign Trade in Figures

Foreign trade accounts for 70% 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 2022, the country mainly exported unwrought nickel (24.7%), vanilla cloves (15.1% - traditionally the leading export, Madagascar accounting for a large share of global production), whole fruit, cloves, and stems (7.8%), cobalt mattes and other intermediate products (6.2%), and textiles. Its main imports included petroleum oils (18.0%), rice (5.9%), palm oil and its fractions (2.9%), sulphur (2.8%), and fabrics (2.7% - data Comtrade).

In 2022, Madagascar’s main customers were the United States (16.5%), France (15.7%), China (14.2%), Japan (12.0%), and the Netherlands (4.5%); whereas imports came chiefly from China (21.5%), Oman (11.0%), India (10.0%), South Africa (4.9%), and France (4.8% - data Comtrade). 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 2022, merchandise exports amounted to USD 3.6 billion, while imports reached USD 5.4 billion (WTO). According to data from the Central Bank, in the first nine months of 2023, exports declined by 15.7% y-o-y while imports increased by 15.3%, thus widening the country’s trade deficit, mostly due to the drop in vanilla exports which almost halved.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 3,9423,2214,4085,6134,750
Exports of Goods (million USD) 2,6962,0262,7263,7213,213
Imports of Services (million USD) 1,2288701,0921,5240
Exports of Services (million USD) 1,4696416541,1420

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 67.862.649.054.571.2
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) 11.14.6-16.612.719.8
Exports of Goods and Services (Annual % Change) 2.410.9-36.655.027.5
Imports of Goods and Services (in % of GDP) 36.334.228.931.740.1
Exports of Goods and Services (in % of GDP) 31.528.420.122.831.1

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20232024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) 12.019.87.17.26.4
Volume of imports of goods and services (Annual % change) -3.73.610.18.76.0

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Madagascar is a member of the WTO, the Common Market for Eastern and Southern Africa (COMESA), and the South African Development Community (SADC)
 

Main Partner Countries

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%.

 
 

Main Products

3.3 bn USD of products exported in 2023
Unwrought nickelUnwrought nickel 25.1%
VanillaVanilla 8.3%
Cloves, whole fruit, cloves and stemsCloves, whole fruit, cloves and stems 7.6%
Titanium ores and concentratesTitanium ores and concentrates 5.2%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 3.8%
See More Products 50.0%
4.8 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 18.7%
RiceRice 4.0%
Fabrics, knitted or crocheted, of a width of > 30...Fabrics, knitted or crocheted, of a width of > 30 cm (excl. warp knit fabrics "incl. those made on galloon knitting machines", those containing by weight >= 5% of elastomeric yarn or rubber thread, and pile fabrics, incl. "long pile", looped pile fabrics, labels, badges and similar articles, and knitted or crocheted fabrics, impregnated, coated, covered or laminated) 2.4%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified) 2.4%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 2.3%
See More Products 70.2%

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.

 

Main Services

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 2024

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