Somalia
2019 Economic Complexity: -1.08, Rank 135 of 157
2019 Product Exports | Imports: $420M | $3.59B, 167 of 225 | 148 of 225
2019 Per Capita Product Exports | Imports: $27.2 | $233, 215 of 219 | 197 of 219
Overview: In 2019 Somalia was the number 0 economy in the world in terms of GDP (current US$), the number 167 in total exports, the number 148 in total imports, the number 0 economy in terms of GDP per capita (current US$) and the number 135 most complex economy according to the Economic Complexity Index (ECI).
Exports: The top exports of Somalia are Gold ($174M), Sheep and Goats ($83.1M), Other Oily Seeds ($41.1M), Insect Resins ($35.7M), and Bovine ($15.8M), exporting mostly to United Arab Emirates ($195M), Saudi Arabia ($80.1M), India ($20.7M), Japan ($19M), and China ($18.1M).
Imports: The top imports of Somalia are Rolled Tobacco ($442M), Raw Sugar ($263M), Rice ($185M), Broadcasting Equipment ($109M), and Woven Fabric of Synthetic Staple Fibers ($96.7M), importing mostly from United Arab Emirates ($1.16B), China ($732M), India ($615M), Turkey ($256M), and Kenya ($116M).
Location: Somalia borders Djibouti, Ethiopia, and Kenya by land and Yemen by sea.
Product Trade
#permalink to sectionYearly Exports
#permalink to sectionTop Export (2019): Gold, $174M
Top Destination (2019): United Arab Emirates, $195M
In 2019, Somalia exported a total of $420M, making it the number 167 exporter in the world. During the last five reported years the exports of Somalia have changed by -$285M from $705M in 2014 to $420M in 2019.
The most recent exports are led by Gold ($174M), Sheep and Goats ($83.1M), Other Oily Seeds ($41.1M), Insect Resins ($35.7M), and Bovine ($15.8M). The most common destination for the exports of Somalia are United Arab Emirates ($195M), Saudi Arabia ($80.1M), India ($20.7M), Japan ($19M), and China ($18.1M).
Yearly Imports
#permalink to sectionTop Import (2019): Rolled Tobacco, $442M
Top Origin (2019): United Arab Emirates, $1.16B
In 2019 Somalia imported $3.59B, making it the number 148 trade destination in the world. During the last five reported years the imports of Somalia changed by $1.83B from $1.76B in 2014 to $3.59B in 2019.
The most recent imports of Somalia are led by Rolled Tobacco ($442M), Raw Sugar ($263M), Rice ($185M), Broadcasting Equipment ($109M), and Woven Fabric of Synthetic Staple Fibers ($96.7M). The most common import partners for Somalia are United Arab Emirates ($1.16B), China ($732M), India ($615M), Turkey ($256M), and Kenya ($116M).
Market Growth
#permalink to sectionFastest Growing Export Markets (2018 - 2019)
- United Arab Emirates, $47.6M (+ 32.3%)
- Yemen, $15.4M (+ 1.5k%)
- India, $9.44M (+ 83.8%)
Fastest Growing Import Markets (2018 - 2019)
- India, $182M (+ 42.2%)
- United Arab Emirates, $132M (+ 12.9%)
- China, $94.8M (+ 14.9%)
Economic Complexity
#permalink to sectionEconomic Complexity Ranking
#permalink to sectionDuring the last 20 years Somalia's economy has become relatively less complex, moving from the 64th to the 135th 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.
Most Specialized Products by RCA Index
#permalink to sectionSomalia has a high level of specialization in Sheep and Goats (2.07k), Insect Resins (1.69k), Other Oily Seeds (316), Bovine (75.2), and Molluscs (62.2). 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 Electric lighting, signal equipment, car electrics nes (1.04), Cast articles, of iron or steel nes (0.44), Prefabricated buildings (0.043), Paper, board corrugated creped embossed perforated nes (-0.067), and Meat, edible meat offal nes, fresh, chilled or frozen (-0.11). 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 Non-fillet Fresh Fish (0.066), Manganese Ore (0.066), Tropical Fruits (0.065), Crude Petroleum (0.065), and Raw Cotton (0.063). 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 it is currently specialized in.
Diversification Frontier
#permalink to sectionThe 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.
