That dollar amount results from an -8.7% decrease from $2.72 billion five years earlier during 2021.
Year over year, the overall value of goods exported from Madagascar retreated by -2.9% compared to $2.56 billion in 2024.
Based on the average exchange rate for 2025, the Malagasy ariary appreciated by 2.9% against the US dollar from December 31, 2024 to December 31, 2025. Madagascar’s stronger local currency made its exports paid for in weaker US dollars relatively more expensive for international buyers starting from American currency.
Best Customers for Madagascar’s Exports
The latest available country-specific data shows that 81.0% of products exported from Madagascar was bought by importers in: France (18.0% of the Malagasy total), United States of America (15.9%), mainland China (8.2%), Japan (6.9%), Netherlands (6.2%), India (5.5%), South Korea (5.2%), South Africa (3.8%), Germany (3.4%), Indonesia (3%), Taiwan (2.9%) and Singapore (1.9%).
From a continental perspective, 37.9% of Madagascar exports by value was delivered to Asian countries while 35.8% was sold to importers in Europe. Madagascar shipped another 17.8% worth of goods to buyers in North America.
Smaller percentages went to customers in Africa (8.1%), Oceania (0.25%) led by Australia and New Zealand then Latin America (0.2%) excluding Mexico but including the Caribbean.
Given Madagascar’s population of 31.4 million people, its total US$2.48 billion in 2025 exports translates to roughly $80 for every resident in the East African island. That per-capita amount lags the average $85 one year earlier in 2024.
Madagascar’s Top 10 Exports
The following export product groups represent the highest dollar value in Malagasy global shipments during 2025 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Madagascar.
- Nickel: US$443.5 million (17.9% of total exports)
- Coffee, tea, spices: $332.9 million (13.4%)
- Clothing, accessories (not knit or crochet): $295.1 million (11.9%)
- Knit or crochet clothing, accessories: $234.9 million (9.5%)
- Ores, slag, ash: $174.7 million (7%)
- Fish: $99.9 million (4%)
- Perfumes, cosmetics: $98.7 million (4%)
- Other base metals: $96.4 million (3.9%)
- Cocoa: $91.4 million (3.7%)
- Mineral fuels including oil: $65.8 million (2.7%)
Madagascar’s top 10 export product categories generated 77.9% of the overall value of total Malagasy shipments.
Miscellaneous base metals represent the fastest grower among the top 10 export categories, up by 57.7% from 2024 to 2025.
In second place for improving export sales were perfumes and cosmetics which rose by 31.8%.
Madagascar’s shipments of cocoa posted the third-fastest gain in value, up by 21.8%.
Double-digit percentage decliners among Madagascar’s top 10 export categories were the ores, slag and ash (down -26.8%) as well as the coffee, tea and spices (down -25.6%) product categories.
The above-listed export products are at the 2-digit Harmonized Tariff System code level.
Drilling down to the more detailed 4-digit HTS codes, Madagascar’s most valuable exported goods are unwrought nickel (17.8% of the total), cloves (6%), unknitted or non-crocheted men’s suits and trousers (5.3%), the spice vanilla (5.1%), titanium ores and concentrates (4.7%), essential oils (4%), cobalt (3.9%), knitted or crocheted jerseys and pullovers (3.8%), cocoa beans (3.4%), then crustaceans including lobsters (3.2%).
Products Generating Greatest Trade Surpluses for Madagascar
The following types of Malagasy product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Nickel: US$443.1 million (Down by -4.3% since 2024)
- Coffee, tea, spices: $330.7 million (Down by -25.4%)
- Clothing, accessories (not knit or crochet): $284.1 million (Up by 11.9%)
- Knit or crochet clothing, accessories: $222.9 million (Up by 6.9%)
- Ores, slag, ash: $174.7 million (Down by -26.7%)
- Other base metals: $96.2 million (Up by 60.2%)
- Cocoa: $86.5 million (Up by 23.6%)
- Perfumes, cosmetics: $78 million (Up by 44.2%)
- Fish: $70.8 million (Down by -1%)
- Gems, precious metals: $58.9 million (Down by -33%)
Madagascar has highly positive net exports in the international trade of nickel as well as coffee and spices (particularly vanilla). These surplus cashflows indicate Madagascar’s strong competitive advantages under the nickel product category plus the coffee and spices category.
Products Generating Greatest Trade Deficits for Madagascar
Overall Madagascar incurred a -US$2.73 billion trade deficit for 2025, expanding by 21.5% from the -$2.25 billion in red ink during 2024.
Below are exports from Madagascar that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Madagascar’s goods trail Malagasy importer spending on foreign products.
- Mineral fuels including oil: -US$844.5 million (Up by 0.5% since 2023)
- Cereals: -$413.5 million (Up by 84.5%)
- Machinery including computers: -$308.7 million (Down by -10.3%)
- Vehicles: -$301.6 million (Up by 7%)
- Animal/vegetable fats, oils, waxes: -$299.1 million (Up by 40.9%)
- Electrical machinery, equipment: -$296.3 million (Down by -0.4%)
- Pharmaceuticals: -$191 million (Down by -0.6%)
- Salt, sulphur, stone, cement: -$183.3 million (Up by 171.7%)
- Knit or crochet fabric: -$152.9 million (Up by 5.9%)
- Plastics, plastic articles: -$151.4 million (Down by -2%)
Madagascar has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, notably refined petroleum oils.
Madagascar’s Export Companies
Not one Malagasy corporation ranks among the Forbes Global 2000.
Wikipedia lists companies based in Madagascar. Selected examples are shown below.
- Air Madagascar (international/domestic airliner)
- Karenjy (automobiles)
- Madacom (telecommunications, internet services)
- Madagascar Oil (oil, gas)
- Madarail (national railways)
In macroeconomic terms, Madagascar’s total exported goods represent 3.9% of its overall Gross Domestic Product for 2025 ($64.2 billion valued in Purchasing Power Parity US dollars). That 3.9% for exports to overall GDP in PPP for 2025 compares to 4.2% for 2024. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Madagascar’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Madagascar’s unemployment rate averaged 2.95% for 2025, down from the average 3% jobless rate in 2024 according to Trading Economics statistics.
Domestically, the average inflation rate for consumer prices in 2025 was 8.43% up from an average 7.64% one year earlier.
Madagascar’s capital city is Antananarivo.
See also Top African Export Countries, Madagascar’s Top 10 Imports, Seychelles Top 10 Exports and Madagascar’s Top Trading Partners
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on February 27, 2026
Currency Stats 247, MGA-USD and USD-MGA exchange rates (at December 31, 2025). Accessed on February 27, 2026
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 27, 2026
Investopedia, Net Exports Definition. Accessed on February 27, 2026
International Trade Centre, Trade Map. Accessed on February 27, 2026
Wikipedia, Gross domestic product. Accessed on February 27, 2026
Wikipedia, List of Companies of Madagascar. Accessed on February 27, 2026
Wikipedia, Madagascar. Accessed on February 27, 2026
Wikipedia, Purchasing power parity. Accessed on February 27, 2026