That dollar amount reflects a 48.8% increase from $3.2 billion five years earlier in 2020.
From 2023 to 2024, the overall cost of Madagascar’s imported products flatlined by a -0.1% slowdown starting from $4.81 billion.
Based on the average exchange rate for 2024, the Malagasy ariary depreciated by -2.3% from 2023 to 2024. Madagascar’s weaker local currency makes Malagasy imports paid for in stronger US dollars relatively more expensive when converted starting from Malagasy’s national currency.
Domestically, Madagascar’s inflation rate in terms of its average consumer prices was 7.439% in 2024 rising from 9.861% for 2023.
Best Suppliers for Madagascar’s Imports
The latest available country-specific data shows that 76% of products imported into Madagascar was furnished by exporters in: mainland China (24.7% of the Malagasy total), Oman (13.6%), France (6.1%), India (5.5%), Pakistan (4.4%), South Africa (4.3%), United Arab Emirates (4.2%), Mauritius (3.4%), Malaysia (3%), Egypt (2.8%), Germany (2%) and the United States of America (1.9%).
From a continental perspective, almost two-thirds (64.6%) of Madagascar’s total imports by value in 2024 was purchased from Asian countries. Trade partners based in Europe supplied 18% of import purchases by Madagascar while another 12.1% worth of goods originated from traders also located in Africa.
Smaller percentage came from Latin America (2.8%) excluding Mexico but including the Caribbean, North America (2.2%) and Oceania (0.3%) led by Australia and New Zealand.
Given Madagascar’s population of 30.6 million people, its total US$4.8 billion in 2024 spending on imports translates to roughly $155 in yearly product demand from every person in the East African country. That per-capita amount lags the average $160 one year earlier in 2023.
Madagascar’s Top 10 Imports
The following product groups represent the highest dollar value in Madagascar’s import purchases during 2024. Also shown is the percentage share each product category represents in terms of overall imports into Madagascar.
- Mineral fuels including oil: US$905.4 million (18.8% of total imports)
- Machinery including computers: $352.3 million (7.3%)
- Electrical machinery, equipment: $301.4 million (6.3%)
- Vehicles: $282.8 million (5.9%)
- Cereals: $224.2 million (4.7%)
- Animal/vegetable fats, oils, waxes: $215.8 million (4.5%)
- Pharmaceuticals: $192.5 million (4%)
- Plastics, plastic articles: $156.2 million (3.3%)
- Knit or crochet fabric: $146 million (3%)
- Salt, sulphur, stone, cement: $144 million (3%)
Madagascar’s top 10 imports exceeded three-fifths (60.8%) of the overall value of its product purchases from other countries.
Malagasy imports of vehicles grew by 22.5% from 2023 to 2024.
In second place for Madagascar’s fastest increasing import purchases was knitted or crocheted fabric (up 11.9%).
In third place were imported pharmaceuticals (up 10.7%).
The severest year-over-year declines belong to cereals (down -18.3% from 2023) and the salt, sulphur, stone and cement product category (down -12.2%).
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
At the more detailed 4-digit HTS level, buyers in Madagascar spent the most on imported processed petroleum oils (17.2% of total cost), rice (3%), medication mixes in dosage (2.8%), fabrics other than warp-knit (also 2.8%), palm oil (2.6%), sugar (also 2.6%), trucks (2.1%), cars (1.8%), worn clothing (also 1.8%) then hydraulic cements (1.7%).
Madagascar’s Top Imports of Mineral Fuels Products
In 2024, Malagasy importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$825.1 million (down -8.8% from 2023)
- Coal, solid fuels made from coal: $50.4 million (down -23.1%)
- Petroleum gases: $17.3 million (up 6.9%)
- Petroleum oil residues: $9.9 million (up 1.5%)
- Petroleum jelly, mineral waxes: $2 million (up 2%)
- Asphalt/petroleum bitumen mixes: $254,000 (up 53%)
- Natural bitumen, asphalt, shale: $231,000 (down -18.9%)
- Peat: $119,000 (up 395.8%)
- Coal tar oils (high temperature distillation): $45,000 (up 12.5%)
- Coke, semi-coke: $22,000 (no change)
Among these import subcategories, Madagascar’s purchases of peat (up 395.8%), asphalt or petroleum bitumen mixes (up 53%) then high temperature-distilled coal tar oils (up 12.5%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of mineral fuels-related imports among Malagasy businesses and consumers.
Madagascar’s Top Imports of Machinery Including Computers
In 2024, Malagasy importers spent the most on the following 10 subcategories of machinery including computers.
- Lifting/loading machinery: US$57.3 million (up 241.6% from 2023)
- Taps, valves, similar appliances: $25.4 million (down -59.2%)
- Heavy machinery (bulldozers, excavators, road rollers): $23.9 million (up 16.8%)
- Liquid pumps and elevators: $23.9 million (down -44.5%)
- Machinery parts: $16.7 million (up 22.3%)
- Computers, optical readers: $16 million (down -36.7%)
- Sort/screen/washing machinery: $14.1 million (down -6.6%)
- Cleaning, sorting or grading machines (seeds, vegetables): $12 million (down -32.8%)
- Centrifuges, filters and purifiers: $11.9 million (down -25.5%)
- Transmission shafts, gears, clutches: $11.4 million (down -48.2%)
Among these import subcategories, Madagascar’s purchases of lifting or loading machinery (up 241.6%), machinery parts (up 22.3%) then heavy machinery such as bulldozers, excavators and road rollers (up 16.8%) grew from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of machinery-related imports among Malagasy businesses and consumers.
Madagascar’s Top Imports of Electrical Machinery
In 2024, Malagasy importers spent the most on the following 10 subcategories of electrical machinery.
- Phone devices including smartphones: US$48.3 million (up 24.3% from 2023)
- Solar power diodes/semi-conductors: $48.2 million (up 36.8%)
- Insulated wire/cable: $29.6 million (up 21.4%)
- Electric generating sets, converters: $29.5 million (up 48.1%)
- Electric storage batteries: $25.2 million (down -5.8%)
- Electrical converters/power units: $21.4 million (up 17.5%)
- Portable electric lamps: $10.4 million (down -30.6%)
- Lower-voltage switches, fuses: $10.4 million (down -3.1%)
- Electrical/optical circuit boards, panels: $10.1 million (down -7.8%)
- TV receivers/monitors/projectors: $9.8 million (up 21.6%)
Among these import subcategories, Madagascar’s purchases of electric generating sets or converters (up 48.1%), solar power diodes and semi-conductors (up 36.8%) then phone devices including smartphones (up 24.3%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of electrical machinery imported by Malagasy businesses and consumers.
Madagascar’s Top Imports of Vehicles
In 2024, Malagasy importers spent the most on the following subcategories of vehicles.
- Trucks: US$99.5 million (up 24.2% from 2023)
- Cars: $87.3 million (up 14%)
- Motorcycles: $30.3 million (up 58.6%)
- Tractors: $22.5 million (up 26.1%)
- Automobile parts/accessories: $15.1 million (up 5.1%)
- Public-transport vehicles: $8.1 million (up 34.3%)
- Trailers: $7.8 million (up 36.9%)
- Special purpose vehicles: $5.9 million (up 35.1%)
- Motorcycle parts/accessories: $4.5 million (up 22.2%)
- Bicycles, other non-motorized cycles: $1.1 million (up 5.7%)
Among these import subcategories, Madagascar’s purchases of motorcycles (up 58.6%), trailers (up 36.9%) then special purpose vehicles (up 35.1%) grew at the fastest pace from 2023 to 2024.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of vehicles among Malagasy businesses and consumers.
See also Top African Export Countries, Madagascar’s Top Trading Partners, Seychelles Top 10 Exports and Madagascar’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on January 25, 2026
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on January 25, 2026
International Trade Centre, Trade Map. Accessed on January 25, 2026
Wikipedia, Gross domestic product. Accessed on January 25, 2026
Wikipedia, List of Companies of Madagascar. Accessed on January 25, 2026
Wikipedia, Madagascar. Accessed on January 25, 2026