Overview: In 2018 Burkina Faso was the number 128 economy in the world in terms of GDP (current US$), the number 110 in total exports, the number 141 in total imports, and the number 129 most complex economy according to the Economic Complexity Index (ECI). In 2018, Burkina Faso exported $5.68B and imported $4.05B, resulting in a positive trade balance of $1.64B. In 2018, Burkina Faso's exports per capita were $288 and its imports per capita were $205.
In 2018 Burkina Faso exported a total of $5.68B, making it the number 110 exporter in the world. During the last five reported years the exports of Burkina Faso have changed by $1.62B from $4.06B in 2013 to $5.68B in 2018.
In 2018 Burkina Faso imported $4.05B, making it the number 141 trade destination in the world. During the last five reported years the imports of Burkina Faso changed by -$325M from $4.37B in 2013 to $4.05B in 2018.
In 2018, Burkina Faso exported $555M worth of services. The top services exported by Burkina Faso in 2018 were Construction services ($114M), Financial services ($90.5M), Transportation ($79.9M), Personal travel ($73.3M), and Computer and information services ($58.7M).
The top services imported by Burkina Faso in 2018 were Transportation ($704M), Other business services ($143M), Insurance services ($140M), Financial services ($111M), and Computer and information services ($100M).
This section shows forecasts for total product exports and imports for Burkina Faso. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
During the last 8 years Burkina Faso's economy has become relatively less complex, moving from the 118th to the 129th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
Burkina Faso has a high level of specialization in Other Oily Seeds (118), Coconuts, Brazil Nuts, and Cashews (74.9), Raw Cotton (69), Zinc Ore (48.1), and Gold (45.5). Specialization is measured using RCA, an index that takes the ratio between Burkina Faso observed and expected exports in each product.
The top export opportunities for Burkina Faso according to the relatedness index, are Crude Petroleum (0.052), Insect Resins (0.048), Cocoa Beans (0.047), Ground Nuts (0.045), and Manganese Ore (0.043). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Burkina Faso is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.
The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities.
Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.
Burkina Faso
