That dollar amount reflects a 39.2% increase from $3.9 billion in 2018.
From 2021 to 2022, the overall cost of Madagascar’s imported products accelerated by 24.9% compared to $4.4 billion.
Based on the average exchange rate for 2022, the Malagasy ariary depreciated by -22.8% against the US dollar since 2018 and declined by -6.9% from 2021 to 2022. 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 9.8% in 2022 rising from 5.819% for 2021.
Best Suppliers for Madagascar’s Imports
The latest available country-specific data shows that 70.8% of products imported into Madagascar were supplied by exporters in: mainland China (35.6% of Madagascar’s global total), Oman (7.5%), India (5.2%), South Africa (5.1%), France (4%), United Arab Emirates (2.8%), Malaysia (2.7%), Pakistan (2.2%), Saudi Arabia (also 2.2%), Mauritius (1.8%), United States of America (1.7%) and Qatar (1.3%).
From a continental perspective, about two-thirds (67.8%) of Madagascar’s total imports by value in 2022 were purchased from Asian countries. European trade partners supplied 15.7% of import purchases by Madagascar while another 10.2% worth of goods originated from fellow African traders.
Smaller percentage came from North America (3.2%), Latin America (2.7%) excluding Mexico but including the Caribbean, and Oceania (0.3%) led by Australia and New Zealand.
Given Madagascar’s population of 29 million people, its total $5.5 billion in 2022 imports translates to roughly $190 in yearly product demand from every person in the East African country. That per-capita amount exceeds the average $150 one year earlier in 2021.
Madagascar’s Top 10 Imports
The following product groups represent the highest dollar value in Madagascar’s import purchases during 2022. Also shown is the percentage share each product category represents in terms of overall imports into Madagascar.
- Mineral fuels including oil: US$1.1 billion (21% of total imports)
- Cereals: $411.7 million (7.5%)
- Machinery including computers: $370.5 million (6.8%)
- Animal/vegetable fats, oils, waxes: $266.8 million (4.9%)
- Salt, sulphur, stone, cement: $253.9 million (4.6%)
- Electrical machinery, equipment: $253.2 million (4.6%)
- Vehicles: $220.1 million (4%)
- Plastics, plastic articles: $184.9 million (3.4%)
- Pharmaceuticals: $175.3 million (3.2%)
- Knit or crochet fabric: $165.4 million (3%)
Madagascar’s top 10 imports approached two-thirds (63.1%) of the overall value of its product purchases from other countries.
Mineral fuels including oil accelerated by 67% from 2021 to 2022.
In second place for Madagascar’s fastest increasing import purchases was the salt, sulphur, stone and cement product category (up 35.1%).
In third place was the animal or vegetable fats, oils and waxes thanks to its 32.9% rise.
The most modest increase year over year belongs to the machinery including computers product category via its 7.3% increase.
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 (18% of total cost), rice (5.9%), palm oil (2.9%), non-sublimed sulphur (2.8%), fabrics other than warp-knit (2.7%), coal including solid fuels made from coal (2.3%), medication mixes in dosage (2%), soya-bean oil (1.4%), trucks (also 1.4%), and hydraulic cements (1.3%).
Madagascar’s Top Imports of Mineral Fuels Products
In 2022, Malagasy importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$982.9 million (up 62.7% from 2021)
- Coal, solid fuels made from coal: $125.8 million (up 102.4%)
- Petroleum oil residues: $20.3 million (up 209.4%)
- Petroleum gases: $17.4 million (up 27.5%)
- Petroleum jelly, mineral waxes: $2.5 million (up 60.8%)
- Asphalt/petroleum bitumen mixes: $274,000 (up 1.1%)
- Coal tar oils (high temperature distillation): $94,000 (up 235.7%)
- Peat: $49,000 (up 250%)
- Natural bitumen, asphalt, shale: $31,000 (up 675%)
- Coke, semi-coke: $25,000 (up 127.3%)
Among these import subcategories, Madagascar’s purchases of natural bitumen, asphalt and shale (up 675%), peat (up 250%) then high temperature distilled coal tar oils (up 235.7%) grew at the fastest pace from 2021 to 2022.
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 Cereals
In 2022, Malagasy importers spent the most on the following subcategories of cereals.
- Rice: US$324.4 million (up 18.9% from 2021)
- Wheat: $69.6 million (up 8%)
- Sorghum grain: $12.5 million (up 34.4%)
- Buckwheat, millet, canary seed: $3 million (down -23.4%)
- Corn: $2.1 million (up 118.2%)
Among these import subcategories, Madagascar’s purchases of corn (up 118.2%), sorghum grain (up 34.4%) then rice (up 18.9%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of cereals among Malagasy businesses and consumers.
Madagascar’s Top Imports of Machinery Including Computers
In 2022, Malagasy importers spent the most on the following 10 subcategories of machinery including computers.
- Taps, valves, similar appliances: US$38.2 million (up 79.5% from 2021)
- Liquid pumps and elevators: $36.6 million (up 45.7%)
- Heavy machinery (bulldozers, excavators, road rollers): $28.1 million (down -7%)
- Sort/screen/washing machinery: $24.5 million (up 69.9%)
- Computers, optical readers: $17.7 million (down -14.5%)
- Machinery parts: $14.7 million (up 46.4%)
- Centrifuges, filters and purifiers: $14.7 million (up 38.3%)
- Refrigerators, freezers: $14.2 million (up 31.7%)
- Industrial preparation machinery: $13.6 million (up 3.8%)
- Transmission shafts, gears, clutches: $12.2 million (up 28.1%)
Among these import subcategories, Madagascar’s purchases of taps, valves and similar appliances (up 79.5%), sorting, screening or washing machinery (up 69.9%), then machinery parts (up 46.4%) grew at the fastest pace from 2021 to 2022.
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 Animal or Vegetable Fats
In 2022, Malagasy importers spent the most on the following 10 subcategories of animal or vegetable fats, oils and waxes.
- Palm oil: US$157.3 million (up 38.6% from 2021)
- Soya-bean oil: $78.7 million (up 33.5%)
- Sun/safflower/cotton-seed oil: $11.5 million (down -5.5%)
- Margarine: $7.4 million (down -3.9%)
- Animal/vegetable hydrogenated fats, oils: $3.6 million (up 6.7%)
- Coconut/palm/babassu oil: $3.2 million (up 82.8%)
- Bovine, sheep, goat fats: $2.1 million (up 92.1%)
- Fixed vegetable fats/oils: $1.7 million (up 77.3%)
- Olive oil: $863,000 (up 142.4%)
- Rape/colza/mustard oil: $158,000 (up 53.4%)
Among these import subcategories, Madagascar’s purchases of olive oil (up 142.4%), bovine, sheep or goat fats (up 92.1%) then coconut, palm or babassu oils (up 82.8%) grew at the fastest pace from 2021 to 2022.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of animal or vegetable fats, oils and waxes imported by 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 April 18, 2023
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on April 18, 2023
International Trade Centre, Trade Map. Accessed on April 18, 2023
Wikipedia, Gross domestic product. Accessed on April 18, 2023
Wikipedia, List of Companies of Madagascar. Accessed on April 18, 2023
Wikipedia, Madagascar. Accessed on April 18, 2023
