That dollar amount reflects a 23.4% increase from $3.9 billion five years earlier in 2019.
From 2022 to 2023, the overall cost of Madagascar’s imported products fell by -12.2% starting from $5.5 billion.
Based on the average exchange rate for 2023, the Malagasy ariary depreciated by -22.4% against the US dollar since 2019 and declined by -8.1% from 2022 to 2023. 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 10.5% in 2023 rising from 8.157% for 2022.
Best Suppliers for Madagascar’s Imports
The latest available country-specific data shows that 80.7% of products imported into Madagascar was furnished by exporters in: France (15.1% of the Malagasy total), United States of America (12.9%), Japan (8.5%), South Korea (8.4%), mainland China (8.3%), Netherlands (6.5%), India (4.2%), Türkiye (4.2%), Canada (3.5%), Indonesia (3.2%), Germany (3%) and South Africa (2.8%).
From a continental perspective, almost two-thirds (63.2%) of Madagascar’s total imports by value in 2023 was purchased from Asian countries. European trade partners supplied 19.3% of import purchases by Madagascar while another 10.9% worth of goods originated from fellow African traders.
Smaller percentage came from North America (3.8%), Latin America (2.3%) excluding Mexico but including the Caribbean, and Oceania (0.5%) led by Australia and New Zealand.
Given Madagascar’s population of 29.8 million people, its total $4.8 billion in 2023 spending on imports translates to roughly $160 in yearly product demand from every person in the East African country. That per-capita amount lags the average $190 one year earlier in 2022.
Madagascar’s Top 10 Imports
The following product groups represent the highest dollar value in Madagascar’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Madagascar.
- Mineral fuels including oil: US$997.1 million (20.7% of total imports)
- Machinery including computers: $392.3 million (8.2%)
- Electrical machinery, equipment: $276.2 million (5.7%)
- Cereals: $275.4 million (5.7%)
- Vehicles: $231 million (4.8%)
- Animal/vegetable fats, oils, waxes: $198.5 million (4.1%)
- Pharmaceuticals: $173.8 million (3.6%)
- Salt, sulphur, stone, cement: $163.9 million (3.4%)
- Plastics, plastic articles: $143.1 million (3%)
- Articles of iron or steel: $141.7 million (2.9%)
Madagascar’s top 10 imports approached two-thirds (62.2%) of the overall value of its product purchases from other countries.
Malagasy imports of electrical machinery and equipment accelerated by 8.7% from 2022 to 2023.
In second place for Madagascar’s fastest increasing import purchases was machinery including computers (up 5.4%).
In third place were imported vehicles (up 4.7%).
The severest year-over-year declines belong to the salt, sulphur, stone and cement product category (down -35% from 2022) and cereals (down -32.9%).
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 (18.8% of total cost), rice (4.1%), fabrics other than warp-knit (2.5%), palm oil (2.4%), medication mixes in dosage (2.3%), sugar (1.8%), trucks (1.7%), hydraulic cements (1.6%), cars (also 1.6%), then worn clothing (1.5%).
Madagascar’s Top Imports of Mineral Fuels Products
In 2023, Malagasy importers spent the most on the following 10 subcategories of mineral fuels-related products.
- Processed petroleum oils: US$903.1 million (down -8.3% from 2022)
- Coal, solid fuels made from coal: $65.6 million (down -48%)
- Petroleum gases: $16.2 million (down -6.8%)
- Petroleum oil residues: $9.7 million (down -51.8%)
- Petroleum jelly, mineral waxes: $2 million (down -19.7%)
- Natural bitumen, asphalt, shale: $288,000 (up 829%)
- Asphalt/petroleum bitumen mixes: $166,000 (down -40.3%)
- Coal tar oils (high temperature distillation): $40,000 (down -58.3%)
- Peat: $24,000 (down -52%)
- Coke, semi-coke: $22,000 (down -8.3%)
Among these import subcategories, Madagascar’s purchases of natural bitumen, asphalt and shale (up 829%) grew from 2022 to 2023.
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 2023, Malagasy importers spent the most on the following 10 subcategories of machinery including computers.
- Taps, valves, similar appliances: US$62.3 million (up 61.7% from 2022)
- Liquid pumps and elevators: $43.1 million (up 16.8%)
- Computers, optical readers: $25.2 million (up 42%)
- Transmission shafts, gears, clutches: $22.1 million (up 80.2%)
- Heavy machinery (bulldozers, excavators, road rollers): $20.5 million (down -26.8%)
- Seed, grain or dried vegetable processing machinery: $17.8 million (up 556.3%)
- Lifting/loading machinery: $16.7 million (up 519.7%)
- Centrifuges, filters and purifiers: $16 million (up 8.6%)
- Sort/screen/washing machinery: $15 million (down -38.7%)
- Machinery parts: $13.8 million (down -7.5%)
Among these import subcategories, Madagascar’s purchases of machinery for cleaning, sorting or grading seed, grain or dried leguminous vegetables (up 556.3%), lifting or loading machinery (up 519.7%) then transmission shafts, gears and clutches (up 80.2%) grew at the fastest pace from 2022 to 2023.
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 2023, Malagasy importers spent the most on the following 10 subcategories of electrical machinery.
- Phone devices including smartphones: US$38.7 million (down -1.9% from 2022)
- Solar power diodes/semi-conductors: $35.2 million (up 2.3%)
- Electric storage batteries: $26.7 million (up 30.5%)
- Insulated wire/cable: $24.4 million (up 27.2%)
- Electric generating sets, converters: $19.8 million (up 3.1%)
- Electrical converters/power units: $18.1 million (up 13.3%)
- Portable self-powered electric lamps: $15.1 million (up 62.6%)
- Electrical/optical circuit boards, panels: $10.9 million (up 19.9%)
- Electric motors, generators: $10.7 million (up 18.8%)
- Lower-voltage switches, fuses: $10.7 million (up 19.1%)
Among these import subcategories, Madagascar’s purchases of self-powered portable electric lamps (up 62.6%), electric storage batteries (up 30.5%) then insulated wire or cable (up 27.2%) grew at the fastest pace from 2022 to 2023.
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 Cereals
In 2023, Malagasy importers spent the most on the following subcategories of cereals.
- Rice: US$199.6 million (down -38.5% from 2022)
- Wheat: $63.8 million (down -7.3%)
- Sorghum grain: $9.9 million (down -18.9%)
- Buckwheat, millet and canary seed: $1.5 million (down -49%)
- Corn: $647,000 (down -69.2%)
Among these import subcategories, Madagascar’s purchases of wheat declined at the slowest pace from 2022 to 2023.
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.
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 May 16, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on May 16, 2024
International Trade Centre, Trade Map. Accessed on May 16, 2024
Wikipedia, Gross domestic product. Accessed on May 16, 2024
Wikipedia, List of Companies of Madagascar. Accessed on May 16, 2024
Wikipedia, Madagascar. Accessed on May 16, 2024