The following export product groups represent the highest dollar value in Somali global shipments during 2020 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 Somalia.

1. Live animals: US$43.2 million (32.3% of total exports)
2. Gums, resins, other vegetable saps: $26.4 million (19.8%)
3. Fish: $17.5 million (13.1%)
4. Oil seeds: $15.7 million (11.8%)
5. Animal/vegetable fats, oils, waxes: $6.2 million (4.6%)
6. Fruits, nuts: $4 million (3%)
7. Paper, paper items: $3.9 million (2.9%)
8. Ships, boats: $3.3 million (2.5%)
9. Electrical machinery, equipment: $3 million (2.2%)
10. Raw hides, skins not furskins, leather: $2.3 million (1.7%)

Somalia’s top 10 exports accounted for 93.9% of the overall value of its global shipments.

Ships and boats was the fastest grower among the top 10 export categories, up by 165,600% from 2019 to 2020.

In second place for improving export sales was paper, paper items: via a 108% gain.

Somalia’s shipments of animal or vegetable fats, oils and waxes posted the third-fastest gain in value, up by 91.5%.

The leading decliner among Somalia’s top 10 export categories was oil seeds, thanks to a -63.8% drop year over year.

At the more granular four-digit Harmonized Tariff System code level, natural gums, resins and balsams represent Somalia’s most valuable exported product at 19.7% of the country’s total. In second place were live sheep and goats (16.3%), miscellaneous live animals (15.6%), oil seeds (11.6%), moluscs (6.3%), fish or marine mammal fats and oils (4.5%), frozen whole fish (4.1%), fresh or dried citrus fruit (3%), embossed or perforated paper (2.9%) and breaker vessels (2.5%).

The following types of Somali 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.

1. Live animals: US$32.6 million (Down by -60.2% since 2019)
2. Gums, resins, other vegetable saps: $25.7 million (Down by -28.7%)
3. Fish: $16.3 million (Down by -52.7%)
4. Oil seeds: $13.9 million (Down by -66.4%)
5. Raw hides, skins not furskins, leather: $2.2 million (Down by -36.7%)
6. Ships, boats: $1.9 million (Reversing a -$1.2 million deficit)
7. Ores, slag, ash: $499,000 (Down by -23.1%)
8. Copper: $174,000 (Down by -61%)
9. Gems, precious metals: $56,000 (Down by -100%)
10. Collector items, art, antiques: $25,000 (Up by 177.8%)

Somalia has highly positive net exports in the international trade of sheep and goats. In turn, these cashflows indicate Somalia’s strong competitive advantages under the live animals category.

Overall Somalia incurred an estimated -$2.8 billion trade deficit for 2020, down by -19.6% from -$3.5 billion in red ink one year earlier.

Below are exports from Somalia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Somalia’s goods trail Somali importer spending on foreign products.

1. Vegetables: -US$281.7 million (Down by -4.3% since 2019)
2. Sugar, sugar confectionery: -$274.9 million (Down by -1.2%)
3. Cereals: -$229 million (Up by 5.5%)
4. Electrical machinery, equipment: -$145.3 million (Down by -38%)
5. Cereal/milk preparations: -$132.2 million (Up by 23%)
6. Manmade staple fibers: -$127 million (Up by 20.6%)
7. Animal/vegetable fats, oils, waxes: -$108.6 million (Down by -25.7%)
8. Furniture, bedding, lighting, signs, prefabricated buildings: -$99.7 million (Up by 20.1%)
9. Vehicles: -$94.7 million (Down by -47.2%)
10. Machinery including computers: -$93.2 million (Down by -25.5%)

Somalia has highly negative net exports and therefore deep international trade deficits under food-related categories vegetables, sugar including sugar confectionery, and cereals categories.

Somali Export Companies

Not one Somali corporation ranks among the Forbes Global 2000.

Wikipedia also lists exports-related companies from Somalia. Selected examples are shown below.

• Bosaso Tannery (product tanning)
• Hafun Fishing Company (fish)
• International Bank of Somalia (commercial bank)
• KAAH Electric (electricity)
• Somafone (telecommunications)
• Somalia Petroleum Corporation (oil, gas)