Madagascar shipped US$2.2 billion worth of goods around the globe in 2016, up by 97.1% since 2009 when the Great Recession kicked in but down by -0.2% from 2015 to 2016.

Madagascar’s top 10 exports accounted for 83.6% of the overall value of its global shipments during 2016.

Based on statistics from the International Monetary Fund’s World Economic Outlook Database, Madagascar’s total Gross Domestic Product amounted to $37.5 billion. Therefore, exports accounted for an estimated 5.8% of total Malagasy economic output.

From a continental perspective, $1 billion or 47% of Malagasy exports by value were delivered to European countries while 29.5% were sold to Asian importers. Madagascar shipped another 14.8% worth of goods to North America with another 8.3% going to fellow African countries.

Given Madagascar’s population of 24.4 million people, its total $2.2 billion in 2016 exports translates to roughly $88 for every resident in that country.

Madagascar’s unemployment rate was an estimated 3.6% in 2014 according to the Central Intelligence Agency’s World Factbook.

The following export product groups represent the highest dollar value in Malagasy global shipments during 2016. Also shown is the percentage share each export category represents in terms of overall exports from Madagascar.

1. Coffee, spices: US$565.4 million (26.2% of total exports)
2. Nickel: $397.9 million (18.4%)
3. Clothing, accessories (not knit or crochet): $239.2 million (11.1%)
4. Knit or crochet clothing, accessories: $223.3 million (10.3%)
5. Fish: $116.6 million (5.4%)
6. Other base metals: $80.4 million (3.7%)
7. Ores, slag, ash: $58.2 million (2.7%)
8. Mineral fuels including oil: $44.9 million (2.1%)
9. Vegetables: $40 million (1.8%)
10. Gems, precious metals: $39.5 million (1.8%)

Vanilla is considered a spice and propelled the coffee and spices category into first-place as the fastest-growing among the top 10 export categories, up 459.3% for the 7-year period starting in 2009.

In second place for improving export sales were vegetables which rose 369.9% in value led by dried vegetables.

Malagasy gems and precious metals posted the third-fastest gain in value at 269.5%, on the strength of exported precious stones and gold.

Only two categories declined in value from 2009 to 2016: nickel (down -19.1%) and mineral fuels including oil (down -8.4%).

The following types of Malagasy 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 is 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. Coffee, spices: US$564.7 million (Up by 461.9% since 2009)
2. Nickel: $397.6 million (Up from a -$254,000 deficit in 2009)
3. Clothing, accessories (not knit or crochet): $229.3 million (Up by 6.6%)
4. Knit or crochet clothing, accessories: $213.4 million (Up by 2.7%)
5. Fish: $98.1 million (Up by 33.2%)
6. Other base metals: $80.0 million (Down by -2326.9%)
7. Ores, slag, ash: $58.1 million (Up by 228.5%)
8. Gems, precious metals: $39.2 million (Up by 277.1%)
9. Vegetables: $37.7 million (Up by 812.2%)
10. Meat/seafood preparations: $28.7 million (Up by 21.9%)

Madagascar has highly positive net exports in the international trade of coffee and spices (particularly vanilla), although Madagascar’s surplus for these commodities has diminished significantly over 5 years. Nevertheless, these cashflows indicate Madagascar’s strong competitive advantages under the coffee and spices category.

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

1. Mineral fuels including oil: -US$395.4 million (Up by 41.4% since 2009)
2. Machinery including computers: -$210.4 million (Down by -55.8%)
3. Vehicles : -$177.7 million (Up by 30.8%)
4. Electrical machinery, equipment: -$134.2 million (Down by -29.7%)
5. Pharmaceuticals: -$112.7 million (Up by 86.9%)
6. Plastics, plastic articles: -$112.1 million (Up by 97.9%)
7. Salt, sulphur, stone, cement: -$107.6 million (Up by 303%)
8. Wool: -$100 million (Up by 23.2%)
9. Animal/vegetable fats, oils, waxes: -$96.2 million (Up by 25.8%)
10. Cereals: -$93 million (Up by 55.5%)

Madagascar has highly negative net exports and therefore deep international trade deficits for mineral fuels-related products, particularly refined petroleum.