SomaliaProduct Exports (2018): $483M, Rank 163 of 222
Exports Per Capita (2018): $32.2, Rank 49 of 219
Product Imports (2018): $3.34B, Rank 146 of 221
Imports Per Capita (2018): $223, Rank 33 of 219
GDP (2018): $4.72B, CURRENT US$Rank 157 of 196
GDP PC (2018): $315, CURRENT US$Rank 195 of 196
Overview: In 2018 Somalia was the number 157 economy in the world in terms of GDP (current US$), the number 163 in total exports, and the number 146 in total imports. In 2018, Somalia exported $483M and imported $3.34B, resulting in a negative trade balance of -$2.86B. In 2018, Somalia's exports per capita were $32.2 and its imports per capita were $223.
Trade: The top exports of Somalia are Sheep and Goats ($176M), Gold ($128M), Bovine ($42.3M), Insect Resins ($36.4M), and Molluscs ($20.1M). The top imports of Somalia are Rolled Tobacco ($280M), Raw Sugar ($192M), Rice ($158M), Concentrated Milk ($157M), and Broadcasting Equipment ($129M).
Destinations: Somalia exports mostly to United Arab Emirates ($148M), Oman ($142M), Saudi Arabia ($73M), Bulgaria ($16.6M), and China ($15.9M), and imports mostly from United Arab Emirates ($1.03B), China ($637M), India ($427M), Oman ($221M), and Turkey ($180M).
Location: Somalia borders Djibouti, Ethiopia, and Kenya by land and Yemen by sea.
Top Export (2018): Sheep and Goats, $176M
Top Destination (2018): United Arab Emirates, $148M
In 2018 Somalia exported a total of $483M, making it the number 163 exporter in the world. During the last five reported years the exports of Somalia have changed by -$63.8M from $547M in 2013 to $483M in 2018.
The most recent exports are led by Sheep and Goats ($176M), Gold ($128M), Bovine ($42.3M), Insect Resins ($36.4M), and Molluscs ($20.1M). The most common destination for the exports of Somalia are United Arab Emirates ($148M), Oman ($142M), Saudi Arabia ($73M), Bulgaria ($16.6M), and China ($15.9M).
Top Import (2018): Rolled Tobacco, $280M
Top Origin (2018): United Arab Emirates, $1.03B
In 2018 Somalia imported $3.34B, making it the number 146 trade destination in the world. During the last five reported years the imports of Somalia changed by $1.47B from $1.88B in 2013 to $3.34B in 2018.
The most recent imports of Somalia are led by Rolled Tobacco ($280M), Raw Sugar ($192M), Rice ($158M), Concentrated Milk ($157M), and Broadcasting Equipment ($129M). The most common import partners for Somalia are United Arab Emirates ($1.03B), China ($637M), India ($427M), Oman ($221M), and Turkey ($180M).
This section shows forecasts for total product exports and imports for Somalia. The forecast is based in a long short-term memory model or LSTM constructed using yearly trade data.
Somalia has a high level of specialization in Sheep and Goats (3.48k), Insect Resins (1.58k), Bovine (167), Other Oily Seeds (139), and Armored vehicles (113). Specialization is measured using RCA, an index that takes the ratio between Somalia observed and expected exports in each product.
The highest complexity exports of Somalia according to the product complexity index (PCI) are Tanks and other armoured fighting vehicles (0.81), Live bovine animals (-0.4), Live horses, asses, mules and hinnies (-0.44), Worked cereal grains except flour, groat, meal, pellet (-0.53), and Chemical industry products nes (-0.6). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for Somalia according to the relatedness index, are Crude Petroleum (0.067), Raw Cotton (0.059), Cocoa Beans (0.057), Animal Meal and Pellets (0.055), and Processed Crustaceans (0.055). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Somalia 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.
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