Burkina Faso2020 Economic Complexity : -1.67, Rank 126 of 127
2020 Product Exports | Imports: $8.15B | $3.8B, 94 of 226 | 142 of 226
2020 Per Capita Product Exports | Imports: $390 | $182, 165 of 219 | 203 of 219
2018 Service Exports | Imports : $555M | $1.42B, 107 of 125 | 96 of 125
Overview In 2020, Burkina Faso was the number 116 economy in the world in terms of GDP (current US$), the number 94 in total exports, the number 142 in total imports, the number 178 economy in terms of GDP per capita (current US$) and the number 126 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of Burkina Faso are Gold ($7.19B), Raw Cotton ($254M), Zinc Ore ($198M), Other Oily Seeds ($147M), and Coconuts, Brazil Nuts, and Cashews ($84.2M), exporting mostly to Switzerland ($6.52B), India ($630M), Uganda ($131M), Cote d'Ivoire ($126M), and Singapore ($121M).
Imports The top imports of Burkina Faso are Refined Petroleum ($444M), Packaged Medicaments ($142M), Electricity ($142M), Cement ($113M), and Delivery Trucks ($86.1M), importing mostly from China ($441M), France ($369M), Cote d'Ivoire ($330M), Ghana ($254M), and India ($217M).
Location Burkina Faso borders Benin, Cote d'Ivoire, Ghana, Mali, Niger, and Togo by land.
The following section uses the most recent trade data from partners of Burkina Faso.
Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Data is presented based on data availability. Only countries using the Harmonic System (HS) are selected. Every source is shown using their own latest twelve months of data.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Top Export (2020): Gold, $7.19B
Top Destination (2020): Switzerland, $441M
In 2020, Burkina Faso exported a total of $8.15B, making it the number 94 exporter in the world. During the last five reported years the exports of Burkina Faso have changed by $4.51B from $3.64B in 2015 to $8.15B in 2020.
The most recent exports are led by Gold ($7.19B), Raw Cotton ($254M), Zinc Ore ($198M), Other Oily Seeds ($147M), and Coconuts, Brazil Nuts, and Cashews ($84.2M). The most common destination for the exports of Burkina Faso are Switzerland ($6.52B), India ($630M), Uganda ($131M), Cote d'Ivoire ($126M), and Singapore ($121M).
Burkina Faso Exports Services (2018): $555M
Burkina Faso Imports Services (2018): $1.42B
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).
Burkina Faso has a high level of specialization in Other Oily Seeds (53.2), Zinc Ore (51.4), Raw Cotton (36.6), Gold (35), and Coconuts, Brazil Nuts, and Cashews (20.1). Specialization is measured using RCA, an index that takes the ratio between Burkina Faso observed and expected exports in each product.
The highest complexity exports of Burkina Faso according to the product complexity index (PCI) are Moving, grading, levelling, scraping, excavating, tamping, compacting, extracting or boring machinery, for earth, minerals, or ores; pile drivers and extractors; snow ploughs and snow blowers (-0.42), Safety fuses; detonating fuses; percussion or detonating caps; igniters; electric detonators (-0.69), Natural magnesium carbonate (magnesite); fused magnesia; dead-burned (sintered) magnesia, whether or not containing small quantities of other oxides added before sintering; magnesium oxide, pure or not (-0.79), Oil-cake and other solid residues; whether or not ground or in the form of pellets, resulting from the extraction of vegetable fats or oils other than those of heading no. 2304 or 2305 (-0.9), and Foliage, branches and other parts of plants, without flowers or flower buds, and grasses, mosses and lichens; suitable for bouquets or for ornamental purposes, fresh, dried, dyed, bleached, impregnated etc. (-0.93). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Burkina Faso according to the relatedness index, are Manganese Ore (0.046), Cocoa Beans (0.038), Other Ores (0.034), Insect Resins (0.034), and Dried Legumes (0.034). 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 a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is 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 greenhouse emissions.
During the last 9 years Burkina Faso's economy has become relatively less complex, moving from the 118th to the 126th 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.
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