Seychelles: Visió econòmica i política
The Archipelago of Seychelles is very open to trade, with a trade-to-GDP ratio of 233% (World Bank, latest data available). The country is a member of COMESA (the Common Market of East and South Africa) and of the WTO since 2015. Customs duties remain comparatively high in Seychelles, especially in the fishing sector. In addition, while the country does not have major trade barriers, the lack of infrastructure also remains an important obstacle to trade. The government has acted to encourage foreign trade, including tax incentives for the tourism industry and the reduction of customs procedures at ports. To consult the list of trade agreements, refer to the website of the Seychelles Trade Portal. The vast majority of exports are made of prepared or preserved fish, followed by petroleum oils and ships; while the country mostly imports mineral fuels (22.1%), fish and crustaceans (12.3%), nuclear reactors, boilers, machinery and mechanical appliances (6.4%), and electrical machinery (5.6% - data ITC 2022).
Seychelles’ largest clients are the United Arab Emirates (36.2% of total exports) France (28.3%), the United Kingdom (10.9%), Italy (6.1%), and Bahamas (3.6%); whereas its main suppliers are the United Arab Emirates (34.1% of total imports), France (10.1%), Spain (7.8%), South Africa (6.4%), and India (5.3% - ITC 2022).
The country has a structural trade deficit, and the trend is expected to continue in future years. According to WTO, exports of goods stood at USD 537 million (an increase of 15.7% year-on-year) in 2022, against USD 1.3 billion of imports (+20.3 y-o-y%). Concerning services, the country is a net exporter thanks to its tourism activities: in 2022, exports totaled USD 1.6 billion against USD 995 million in imports. Data from the World Bank shows that in 2022 the archipelago’s trade deficit stood at 10.2% of its GDP (down from 12.8% recorded one year earlier). Preliminary data from the National Bureau of Statistics show that, in 2023, exports were valued at USD 541 million (stable y-o-y), whereas imports stood at USD 1.2 billion (+4.9% vis-à-vis one year earlier).
Foreign Trade Values | 2019 | 2020 | 2021 | 2022 | 2023 |
Imports of Goods (million USD) | 1,167 | 1,004 | 1,133 | 1,364 | 1,431 |
Exports of Goods (million USD) | 518 | 432 | 464 | 537 | 541 |
Imports of Services (million USD) | 911 | 500 | 798 | 1,004 | 879 |
Exports of Services (million USD) | 1,601 | 767 | 1,235 | 1,684 | 1,744 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 208.7 | 197.0 | 179.3 | 235.8 | 233.1 |
Trade Balance (million USD) | -615 | -631 | -359 | -507 | -731 |
Trade Balance (Including Service) (million USD) | 84 | 60 | -92 | -70 | -51 |
Imports of Goods and Services (Annual % Change) | 3.2 | 0.8 | -15.5 | 7.7 | 3.1 |
Exports of Goods and Services (Annual % Change) | 2.1 | 3.1 | -25.7 | 9.9 | 9.1 |
Imports of Goods and Services (in % of GDP) | 110.9 | 103.4 | 101.6 | 124.3 | 121.6 |
Exports of Goods and Services (in % of GDP) | 97.8 | 93.5 | 77.7 | 111.5 | 111.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 6.3 | -0.2 | 16.5 | 3.2 | 3.2 |
Volume of imports of goods and services (Annual % change) | 10.7 | 2.9 | 9.9 | 4.9 | 4.6 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Member of COMESA - Common Market for Eastern and Southern Africa
Main Customers (% of Exports) |
2022 |
France | 26.4% |
United Arab Emirates | 24.7% |
United Kingdom | 13.7% |
Spain | 6.1% |
Germany | 3.1% |
See More Countries | 26.1% |
Main Suppliers (% of Imports) |
2022 |
United Arab Emirates | 18.4% |
Netherlands | 11.5% |
Cayman Islands | 5.7% |
France | 5.5% |
South Africa | 3.8% |
See More Countries | 55.1% |
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.
2.3 bn USD of services exported in 2022 | |
49.01% | |
Merchanting and other trade-related...Merchanting and other trade-related services | 25.05% |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 9.73% |
41.62% | |
Personal travelPersonal travel | 33.71% |
OtherOther | 33.71% |
Business travelBusiness travel | 7.91% |
OtherOther | 7.91% |
8.15% | |
Sea transportSea transport | 5.21% |
FreightFreight | 2.62% |
OtherOther | 2.59% |
Air transportAir transport | 2.94% |
OtherOther | 1.56% |
PassengerPassenger | 1.28% |
FreightFreight | 0.11% |
0.72% | |
0.45% | |
Telecommunications servicesTelecommunications services | 0.45% |
0.06% | |
n/a% |
1.0 bn USD of services imported in 2022 | |
63.94% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 34.05% |
23.90% | |
Sea transportSea transport | 19.21% |
FreightFreight | 17.08% |
OtherOther | 2.12% |
Air transportAir transport | 4.69% |
OtherOther | 2.98% |
PassengerPassenger | 1.71% |
5.36% | |
Personal travelPersonal travel | 4.88% |
OtherOther | 2.30% |
Health-related expenditureHealth-related expenditure | 1.29% |
Education-related expenditureEducation-related expenditure | 1.29% |
Business travelBusiness travel | 0.48% |
OtherOther | 0.48% |
4.35% | |
0.98% | |
Construction in the compiling...Construction in the compiling economy | 0.98% |
0.95% | |
ReinsuranceReinsurance | 0.20% |
0.30% | |
0.22% | |
Telecommunications servicesTelecommunications services | 0.22% |
n/a% | |
n/a% |
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