Mali has an open economy in which trade accounts for around 65% of the country’s GDP (World Bank, 2020). Customs duties are relatively low (the average applied tariff rate is 10%), and there are very few legal or regulatory trade barriers. Mali mainly exports gold (72.9% of total exports in 2019, Comtrade), cotton (11.6%), live animals, and fertilisers; importing chiefly petroleum oils (27% of total imports), cement (4%), medicaments, and electrical apparatus.
The country is a member of WTO, the Economic Community of West African States (ECOWAS) and the West African Economic and Monetary Union (WAEMU), whose objective is to reduce trade barriers through the creation of a common market. One of Mali’s primary objectives was to reach self-sufficiency regarding cereal production and to become the leading grain supplier for countries in West Africa. However, although it has achieved satisfactory results, Mali is yet to become a net exporter of cereals. Cotton production, on the other hand, has been on the rise over the last agricultural season, allowing Mali to become the largest supplier of cotton in Africa. The adoption of economic sanctions by ECOWAS and UEMOA early 2022, including a trade and financial embargo and border closures, could negatively impact trade. The bulk of Mali’s exports go to South Africa (36.5% of total exports), followed by Switzerland (35.6%), Bangladesh (7.1%), Ivory Coast (4.2%) and Burkina Faso (2.8%). Senegal (which accounts for 22.5% of Mali’s total imports) is the biggest supplier, followed by China (15.8%), Ivory Coast (10.6%) and France (7.9%) (Comtrade, latest data available).
Mali’s trade balance is structurally in deficit and is largely dependent on commodity prices. According to figures by WTO, in 2020 the country’s exports of merchandise increased to USD 3.92 billion (from USD 3.68 billion in 2019), while imports of merchandise decreased to USD 4.88 billion (from USD 5.13 billion). Mali is also a net service importer: the value of commercial services imports stood at USD 1.61 billion, against USD 542 million in exports. According to Malian government, in spite of expected higher cotton production in 2022, lower gold prices will contribute to the deterioration of the trade balance. The import bill will remain large, due to the recovery of domestic demand and high energy prices (Coface).
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 4,286 | 4,722 | 5,134 | 4,877 | 6,530 |
Exports of Goods (million USD) | 2,896 | 3,584 | 3,675 | 3,923 | 5,015 |
Imports of Services (million USD) | 1,323 | 1,394 | 1,532 | 1,605 | 2,343 |
Exports of Services (million USD) | 441 | 486 | 672 | 542 | 513 |
Imports of Goods and Services (Annual % Change) | -14 | -12 | 6 | -3 | 14 |
Exports of Goods and Services (Annual % Change) | 11 | -0 | 2 | 0 | -1 |
Trade Balance (million USD) | -705 | -383 | -638 | 504 | n/a |
Foreign Trade (in % of GDP) | 58 | 60 | 64 | 67 | 70 |
Imports of Goods and Services (in % of GDP) | 36 | 36 | 38 | 36 | 40 |
Exports of Goods and Services (in % of GDP) | 22 | 25 | 26 | 31 | 30 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2019 |
---|---|
South Africa | 36.5% |
Switzerland | 35.6% |
Bangladesh | 7.1% |
Ivory Coast | 4.2% |
Burkina Faso | 2.8% |
See More Countries | 13.8% |
Main Suppliers (% of Imports) |
2019 |
---|---|
Senegal | 22.5% |
China | 15.8% |
Ivory Coast | 10.6% |
France | 7.9% |
India | 3.1% |
See More Countries | 40.1% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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Member of Economic Community of West African States (ECOWAS)
Member of Economic Community of West African States (ECOWAS)
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Latest Update: February 2023