Madagascar exported US$3.5 billion worth of goods around the globe in 2022.
That dollar amount results from a 17.3% advance from $3 billion in 2018 and a 29.5% year-over-year acceleration from $2.7 billion for 2021.
Madagascar’s top 5 customers buying its exported goods are the United States of America, France, mainland China, Japan, and the Netherlands. Collectively, that quintet of major trading partners bought over three-fifths (62.9%) of overall export sales from Madagascar during 2022.
Applying a continental lens, 44.4% of Madagascar exports by value were delivered to Asian countries while 29.1% were sold to European importers. Madagascar shipped another 20.1% worth of goods to North America.
Smaller percentages went to Africa (6.1%), Latin America (0.17%) excluding Mexico but including the Caribbean, then Oceania (0.16%) led by Australia.
Madagascar’s Top Trading Partners
Below is a list showcasing 25 of Madagascar’s top trading partners in terms of export sales. That is, countries that imported the most Malagasy shipments by dollar value during 2022. Also shown is each import country’s percentage of total Malagasy exports.
- United States: US$584.3 million (16.6% of total Malagasy exports)
- France: $553.6 million (15.7%)
- China: $497.2 million (14.1%)
- Japan: $421.2 million (12%)
- Netherlands: $157.6 million (4.5%)
- South Korea: $151.5 million (4.3%)
- Indonesia: $124.8 million (3.5%)
- Canada: $121.2 million (3.4%)
- South Africa: $111.1 million (3.2%)
- India: $108.3 million (3.1%)
- Germany: $99 million (2.8%)
- Taiwan: $83.6 million (2.4%)
- Singapore: $82 million (2.3%)
- United Kingdom: $47.3 million (1.3%)
- Mauritius: $38.4 million (1.1%)
- Belgium: $35.6 million (1%)
- Switzerland: $34.1 million (1%)
- Italy: $29 million (0.8%)
- United Arab Emirates: $26.5 million (0.8%)
- Vietnam: $23.7 million (0.7%)
- Spain: $19.7 million (0.6%)
- Sweden: $17.8 million (0.5%)
- Kenya: $13.2 million (0.4%)
- Ethiopia: $11.1 million (0.3%)
- Türkiye: $10.6 million (0.3%)
The bulk of sales (96.6%) for Malagasy exports in 2022 are attributed to the above 25 trade partners.
Strongest gains from 2021 to 2022 belong to South Korea (up 1,129%), Ethiopia (up 426.2%), Indonesia (up 202.9%), Singapore (up 150.1%) and Taiwan (up 81.8%).
There was a trio of year-over-year decliners namely Germany (down -21.8% from 2021), Canada (down -18.2%) and Türkiye (down -1.3%).
Countries Causing Highest Trade Deficits for Madagascar
Madagascar recorded an overall -$1.945 billion trade deficit for 2022, expanding by 17.3% from the -$1.66 billion in red ink during 2021.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
Madagascar incurred the highest trade deficits with the following countries.
- mainland China: -US$682.6 million (country-specific trade deficit in 2022)
- Oman: -$598.8 million
- India: -$438.8 million
- Malaysia: -$173.6 million
- United Arab Emirates: -$164.7 million
- South Africa: -$156.1 million
- Pakistan: -$155.9 million
- Saudi Arabia: -$151.2 million
- Qatar: -$139.9 million
- Mauritius: -$114.4 million
Among Madagascar’s trading partners that cause the greatest negative trade balances, Malagasy deficits with Oman (up 669%), Pakistan (up 89.8%) and Brazil (up 66.2%) grew at the fastest pace from 2021 to 2022.
These cashflow deficiencies clearly indicate Madagascar’s competitive disadvantages with the above countries, but also represent key opportunities for Madagascar to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Greatest Trade Surpluses for Madagascar
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
Madagascar incurred the highest trade surpluses with the following countries.
- United States: US$440.1 million (country-specific trade surplus in 2022)
- Japan: $357.7 million
- France: $289.4 million
- Netherlands: $106.3 million
- Canada: $101.9 million
- South Korea: $100.4 million
- Indonesia: $56.5 million
- Taiwan: $48.6 million
- Switzerland: $26.9 million
- United Kingdom: $14.7 million
Among Madagascar’s trading partners that generate the greatest positive trade balances, Malagasy surpluses with the United Kingdom (up 665.7%), Taiwan (up 244%) and Japan (up 173.1%) grew at the fastest pace from 2021 to 2022.
In addition, Madagascar went from enduring a -$35.5 million deficit trading with South Korea in 2021 and -$16.9 million deficit trading with Indonesia to generating the trade surpluses listed above for 2022.
These positive cashflow streams clearly indicate Madagascar’s competitive advantages with the above countries, but also represent key opportunities for Madagascar to develop country-specific strategies to optimize its overall position in international trade.
Madagascar’s Export Companies
Not one Malagasy corporation ranks among 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)
See also Top African Export Countries, Madagascar’s Top 10 Imports, Seychelles Top 10 Exports and Madagascar’s Top 10 Exports
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on April 21, 2023
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on April 21, 2023
Investopedia, Net Exports Definition. Accessed on April 21, 2023
International Trade Centre, Trade Map. Accessed on April 21, 2023
Wikipedia, Gross domestic product. Accessed on April 21, 2023
Wikipedia, List of Companies of Madagascar. Accessed on April 21, 2023
Wikipedia, Madagascar. Accessed on April 21, 2023