Somalia
2020 Product Exports | Imports: $276M | $4.2B, 173 of 226 | 140 of 226
2020 Per Capita Product Exports | Imports: $17.4 | $264, 217 of 219 | 193 of 219
Overview In 2020 Somalia was the number 173 economy in the world in terms of total exports and the number 140 in total imports.
Exports The top exports of Somalia are Gold ($111M), Sheep and Goats ($35M), Insect Resins ($25.8M), Other Animals ($21.1M), and Other Oily Seeds ($21.1M), exporting mostly to United Arab Emirates ($146M), Saudi Arabia ($39.2M), Japan ($16.5M), Bulgaria ($11.7M), and China ($7.68M).
Imports The top imports of Somalia are Rolled Tobacco ($577M), Raw Sugar ($262M), Other Vegetables ($248M), Rice ($206M), and Broadcasting Equipment ($150M), importing mostly from United Arab Emirates ($1.28B), China ($893M), India ($544M), Ethiopia ($294M), and Turkey ($264M).
Location Somalia borders Djibouti, Ethiopia, and Kenya by land and Yemen by sea.
Latest Trends
#permalink to sectionLatest Trade
#permalink to sectionThe following section uses the most recent trade data from partners of Somalia.
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.
Latest Data
#permalink to sectionThe data obtained is mirror data. The trade of countries that do not report current data can be reconstructed based on data reported by partner countries with current data available.
*All data is converted to USD using January 2020 exchange rates when data is reported in local currency.
Historical Data
#permalink to sectionYearly Trade
#permalink to sectionTop Export (2020): Gold, $111M
Top Destination (2020): United Arab Emirates, $1.28B
In 2020, Somalia exported a total of $276M, making it the number 173 exporter in the world. During the last five reported years the exports of Somalia have changed by -$400M from $676M in 2015 to $276M in 2020.
The most recent exports are led by Gold ($111M), Sheep and Goats ($35M), Insect Resins ($25.8M), Other Animals ($21.1M), and Other Oily Seeds ($21.1M). The most common destination for the exports of Somalia are United Arab Emirates ($146M), Saudi Arabia ($39.2M), Japan ($16.5M), Bulgaria ($11.7M), and China ($7.68M).
Market Growth
#permalink to sectionEconomic Complexity
#permalink to sectionMost Specialized Products by RCA Index
#permalink to sectionSomalia has a high level of specialization in Insect Resins (1.78k), Sheep and Goats (1.45k), Other Animals (995), Other Oily Seeds (225), and Fish oil (145). Specialization is measured using RCA, an index that takes the ratio between Somalia observed and expected exports in each product.
Most Complex Products by PCI
#permalink to sectionThe highest complexity exports of Somalia according to the product complexity index (PCI) are Antiknock (0.59), Railway Cargo Containers (-0.027), Sulfuric Acid (-0.11), Industrial Fatty Acids, Oils and Alcohols (-0.61), and Live Fish (-0.77). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
Export Opportunities by Relatedness
#permalink to sectionThe top export opportunities for Somalia according to the relatedness index, are Cocoa Beans (0.081), Manganese Ore (0.075), Tropical Fruits (0.071), Non-fillet Fresh Fish (0.068), and Raw Cotton (0.066). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Somalia is not specialized in.
Product Space
#permalink to sectionThe 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.
Diversification Frontier
#permalink to sectionThe 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.
