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.
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.
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 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.