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2023
Economic Complexity
Trade -1.15Rank 117 of 132
2022
Economic Complexity
Research -0.76Rank 110 of 140
2023
Product
Exports | Imports $4.3B | $5.14B133 of 226 |  146 of 226
2023
Per Capita Product
Exports | Imports $138 | $165165 of 220 |  206 of 220

About

Overview In 2023, Madagascar was the number 134 economy in the world in terms of GDP (current US$), the number 133 in total exports, the number 146 in total imports, the number 192 economy in terms of GDP per capita (current US$) and the number 117 most complex economy according to the Economic Complexity Index (ECI) .

Exports The top exports of Madagascar are Raw Nickel ($811M), Vanilla ($389M), Cloves ($339M), Gold ($256M), and Non-Knit Men's Suits ($170M), exporting mostly to United States ($669M), France ($641M), Japan ($345M), China ($275M), and South Korea ($271M).

In 2023, Madagascar was the world's biggest exporter of Vanilla ($389M) and Cloves ($339M)

Imports The top imports of Madagascar are Refined Petroleum ($887M), Rice ($223M), Light Rubberized Knitted Fabric ($139M), Wheat ($119M), and Palm Oil ($118M), importing mostly from China ($983M), Oman ($647M), France ($515M), India ($420M), and South Africa ($263M).

Location Madagascar borders Comoros, France, Mozambique, and Seychelles by sea.

Latest Trends

Latest Trade

Flow
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Y-AXIS SCALE

The following section uses the most recent trade data from partners of Madagascar.

Disclaimer: data is presented based on availability and only countries that use the harmonized system are being shown.

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Latest Data

Flow
Color
Depth

The 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.

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Historical Data

Yearly Trade

Flow
Color
Depth
Top Export (2023)Raw Nickel$811M
Top Destination (2023)United States$669M

In 2023, Madagascar exported a total of $4.3B, making it the number 133 exporter in the world. During the last five reported years the exports of Madagascar have changed by $303M from $4B in 2018 to $4.3B in 2023.

The most recent exports are led by Raw Nickel ($811M), Vanilla ($389M), Cloves ($339M), Gold ($256M), and Non-Knit Men's Suits ($170M). The most common destination for the exports of Madagascar are United States ($669M), France ($641M), Japan ($345M), China ($275M), and South Korea ($271M).

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Exports (2023)
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Destinations (2023)
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Market Growth

Flow
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Growth
Fastest Growing Export Markets (2022 - 2023)
Turkey$184M (+ 721%)
South Korea$149M (+ 122%)
Netherlands$42.6M (+ 45.5%)
Fastest Growing Import Markets (2022 - 2023)
Poland$54.9M (+ 150%)
Egypt$35.1M (+ 39.5%)
Germany$33.3M (+ 108%)

Total Export Growth by Market (2022 - 2023)

Potential Exports

Potential Exports

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Service Trade

Service Trade

Madagascar Exports Services (2016)$1.13B
Madagascar Imports Services (2016)$1.05B

In 2016, Madagascar exported $1.13B worth of services. The top services exported by Madagascar in 2016 were Personal travel ($750M), Air transport ($195M), Miscellaneous business, professional, and technical services ($55.8M), Sea transport ($47.8M), and Construction in the compiling economy ($26.8M).

The top services imported by Madagascar in 2016 were Sea transport ($334M), Air transport ($242M), Government services, n.i.e. ($180M), Personal travel ($129M), and Miscellaneous business, professional, and technical services ($91.5M).

Service Exports (2016)

Service Imports (2016)

Economic Complexity

Overview

Economic Complexity (Trade)-1.15Rank 117 of 132
Economic Complexity (Research)-0.76Rank 110 of 140

Most Specialized Products by RCA Index

Madagascar has a high level of specialization in Vanilla (3.35k), Cloves (2.61k), Graphite (352), Raw Nickel (268), and Titanium Ore (250). Specialization is measured using RCA, an index that takes the ratio between Madagascar observed and expected exports in each product.

Most Complex Products by PCI

The highest complexity exports of Madagascar according to the product complexity index (PCI) are Copper Springs (1.55), Copper foil (whether or not printed or backed with paper, paperboard, plastics... (0.63), Military weapons; other than revolvers, pistols and arms of heading no. 9307 (0.44), Alkaloids; natural or reproduced by synthesis, and their salts, ethers, esters and... (0.43), and Organic compounds; n.e.c. in chapter 29 (0.31). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

The top export opportunities for Madagascar according to the relatedness index, were Jute Woven Fabric (0.21), Coconuts, Brazil Nuts, and Cashews (0.19), Manganese Ore (0.19), Tea (0.19), and Tin Ores (0.19). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that Madagascar is not specialized in.

Product Space

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.

Relatedness Space

This network shows the products most related to the production structure of Madagascar. These are products that tend to be co-exported with the products that Madagascar exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

Relatedness Space (2023)

Diversification Frontier

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Depth

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.

Diversification Frontier

Economic Complexity Ranking

Methodology
Scale

During the last 20 years Madagascar's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨nullth to the 117th⁩ 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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ECI (Trade) Ranking by Country

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