The Archipelago of Seychelles is very open to trade, with a trade-to-GDP ratio of 189% (World Bank, 2020 – latest data available). The country is a member of COMESA (The Common Market of East and South Africa) and of the WTO since 2015. Three-quarters of exports are made of prepared or preserved fish (76.3%), followed by petroleum oils (7.2%) and frozen fish (4.6%); while the country imports mostly petroleum oils (15.8%), frozen fish (13.1%), yachts and other vessels (5.4%), and other boats (2.9% - Comtrade 2020).
Seychelles’ largest clients are France (35.9% of total exports), the United Kingdom (21.9%), Italy (9.7%), the United Arab Emirates (7.8%), and Germany (6.3%); whereas its main suppliers are the United Arab Emirates (25.8% of total imports), France (11.1%), Spain (10.8%), the UK (6.9%), and South Africa (6.3% - Comtrade 2020). Customs duties remain comparatively high in Seychelles, especially in the fishing sector. In addition, while the country does not have major trade barriers, the lack of infrastructure also remains an important obstacle to trade. The government has acted to encourage foreign trade, including tax incentives for the tourism industry and the reduction of customs procedures at ports. To consult the list of trade agreements, refer to the website of the Seychelles Trade Portal.
The country has a structural trade deficit, and the trend is expected to continue in future years. According to WTO exports of goods stood at USD 432 million (a decrease of 16.6% year-on-year) in 2020, against USD 1 billion of imports (-14%). As regards to services, the country is a net exporter thanks to its tourism activities: in 2020 exports totalled USD 651 billion against USD 489 million in imports. Nevertheless, the former was severely impacted by the COVID-19 pandemic and the travel restrictions that followed, losing 41.4% year-on-year. Data from the World Bank shows that in 2020 the archipelago’s trade deficit stood at 25.9% of its GDP (down from 11.6% recorded one year earlier). Preliminary data from the National Bureau of Statistics shows that in 2021, domestic exports were valued at SCR 5,4 billion (6.5% higher than in 2020), whereas imports stood at SCR 18.9 billion (+9.5).
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 1,302 | 1,271 | 1,167 | 1,004 | 1,133 |
Exports of Goods (million USD) | 547 | 569 | 518 | 432 | 464 |
Imports of Services (million USD) | 548 | 665 | 676 | 489 | 476 |
Exports of Services (million USD) | 982 | 1,099 | 1,111 | 651 | 892 |
Imports of Goods and Services (Annual % Change) | 12 | 3 | 2 | -34 | 14 |
Exports of Goods and Services (Annual % Change) | 10 | 2 | 3 | -36 | 12 |
Trade Balance (million USD) | -672 | -615 | -631 | -359 | -507 |
Foreign Trade (in % of GDP) | 210 | 203 | 218 | 136 | 153 |
Imports of Goods and Services (in % of GDP) | 110 | 108 | 114 | 71 | 80 |
Exports of Goods and Services (in % of GDP) | 100 | 95 | 103 | 65 | 72 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
Gibraltar | 33.0% |
Cayman Islands | 15.4% |
Bermuda | 12.0% |
Belize | 9.1% |
France | 7.0% |
See More Countries | 23.5% |
Main Suppliers (% of Imports) |
2021 |
---|---|
South Africa | 18.7% |
Netherlands | 16.4% |
United Arab Emirates | 15.8% |
Italy | 14.7% |
France | 7.6% |
See More Countries | 26.8% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
To go further, check out our service Import Export Flows
1.7 bn USD of services exported in 2018 | |
---|---|
56.06% | |
Merchanting and other trade-related...Merchanting and other trade-related services | 32.99% |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 14.25% |
32.22% | |
Personal travelPersonal travel | 26.09% |
OtherOther | 26.09% |
Business travelBusiness travel | 6.12% |
OtherOther | 6.12% |
10.52% | |
Air transportAir transport | 5.81% |
PassengerPassenger | 2.97% |
OtherOther | 2.57% |
FreightFreight | 0.27% |
Sea transportSea transport | 4.71% |
FreightFreight | 2.85% |
OtherOther | 1.87% |
0.75% | |
Telecommunications servicesTelecommunications services | 0.75% |
0.37% | |
0.08% |
0.7 bn USD of services imported in 2018 | |
---|---|
53.99% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 33.15% |
32.05% | |
Sea transportSea transport | 20.90% |
FreightFreight | 15.67% |
OtherOther | 5.23% |
Air transportAir transport | 11.15% |
OtherOther | 6.30% |
PassengerPassenger | 4.85% |
10.33% | |
Personal travelPersonal travel | 10.15% |
OtherOther | 6.86% |
Education-related expenditureEducation-related expenditure | 1.84% |
Health-related expenditureHealth-related expenditure | 1.46% |
Business travelBusiness travel | 0.18% |
OtherOther | 0.18% |
1.11% | |
ReinsuranceReinsurance | 0.13% |
0.86% | |
0.64% | |
0.49% | |
Construction in the compiling...Construction in the compiling economy | 0.49% |
0.33% | |
0.20% | |
Telecommunications servicesTelecommunications services | 0.20% |
Source: United Nations Statistics Division, Latest Available Data
Member of COMESA - Common Market for Eastern and Southern Africa
Member of COMESA - Common Market for Eastern and Southern Africa
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: February 2023