Mali has an open economy in which trade equals around 70% of the country’s GDP (World Bank, latest available data). Customs duties are relatively low (the average applied tariff rate is 12.3%), and there are very few legal or regulatory trade barriers. The country is a member of WTO, the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (WAEMU), whose objective is to reduce trade barriers through the creation of a common market. One of Mali’s primary objectives was to reach self-sufficiency regarding cereal production and to become the leading grain supplier for countries in West Africa. However, although it has achieved satisfactory results, Mali is yet to become a net exporter of cereals. Cotton production, on the other hand, has been on the rise over the last agricultural seasons, allowing Mali to become the largest supplier of cotton in Africa. The adoption of economic sanctions by ECOWAS and UEMOA in early 2022, including a trade and financial embargo and border closures, could negatively impact trade. According to data by ITC, in 2021, Mali’s exports comprised almost exclusively precious stones (95.7%, up by 91% year-on-year – mainly gold), followed by cotton (1.1%), and oil seeds (0.6%); whereas imports were led by mineral fuels and oils (21.6% of total imports), electrical machinery and equipment (8.8%), machinery (8.7%), and vehicles (8.7%).
In the same year, the bulk of Mali’s exports went to the UAE (77.7% of total exports), followed by Switzerland (14.4%), Australia (3.5%), China (1.4%) and Turkey (0.6%). Senegal (which accounts for 18.2% of Mali’s total imports) was the biggest supplier, followed by Ivory Coast (15.6%), China (10.5%), and France (8.5% - ITC, latest data available).
Mali’s trade balance is structurally in deficit and is largely dependent on commodity prices. According to figures by WTO, in 2021 the country’s exports of merchandise increased to USD 5 billion (from USD 3.9 billion in 2020), while imports of merchandise rose to USD 6.5 billion (from USD 4.8 billion one year earlier). Mali is also a net service importer: the value of commercial services imports stood at USD 2.3 billion against USD 513 million in exports. Estimates by the World Bank show that in 2021 the country’s trade balance was negative by 10.6% of its GDP (from 5.7% one year earlier). According to data from the national statistics institute, Mali's gold exports rose 8.4% in 2022 to reach 69.3 tonnes.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 4,286 | 4,722 | 5,134 | 4,877 | 6,530 |
Exports of Goods (million USD) | 2,896 | 3,584 | 3,675 | 3,923 | 5,015 |
Imports of Services (million USD) | 1,323 | 1,394 | 1,532 | 1,605 | 2,343 |
Exports of Services (million USD) | 441 | 486 | 672 | 542 | 513 |
Imports of Goods and Services (Annual % Change) | -14 | -12 | 6 | -3 | 14 |
Exports of Goods and Services (Annual % Change) | 11 | -0 | 2 | 0 | -1 |
Trade Balance (million USD) | -705 | -383 | -638 | 504 | n/a |
Foreign Trade (in % of GDP) | 58 | 60 | 64 | 67 | 70 |
Imports of Goods and Services (in % of GDP) | 36 | 36 | 38 | 36 | 40 |
Exports of Goods and Services (in % of GDP) | 22 | 25 | 26 | 31 | 30 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2019 |
---|---|
South Africa | 36.5% |
Switzerland | 35.6% |
Bangladesh | 7.1% |
Ivory Coast | 4.2% |
Burkina Faso | 2.8% |
See More Countries | 13.8% |
Main Suppliers (% of Imports) |
2019 |
---|---|
Senegal | 22.5% |
China | 15.8% |
Ivory Coast | 10.6% |
France | 7.9% |
India | 3.1% |
See More Countries | 40.1% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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Member of Economic Community of West African States (ECOWAS)
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Latest Update: September 2023