16.7 % in merchandise trade
In its latest economic report, the Central Bank of Madagascar (Banky Foiben’i Madagasikara) noted that goods exports declined for the third consecutive time in the fourth quarter of 2023. However, this decrease occurred at a moderate pace.
Exports were 7.1% lower than those in the previous three months, following a 12.2 % decline from July to September 2023. Improved sales of products such as cloves, cocoa, and titanium helped mitigate reduced exports of vanilla, nickel, and cobalt.
The net export share was -16.7 % of total merchandise trade, compared to -17.3 % in the previous three months. The smaller decline in exports compared to imports resulted in the stability of net exports. This indicates stable external demand during the last quarter of 2023.
