OVERVIEW
Somalia is a country located in the Horn of Africa, on the eastern edge of the continent, known for its Nomadic Culture, Long Coastline and its rich oral literature.
Despite years of conflict and instability, Somalia’s private sector has shown remarkable resilience, with a growing telecommunication sector and ongoing efforts, supported by international partners, to rebuild institutions, improve public financial management and attract investment for sustainable stability.
In 2023, Somalia ranked
- 148th in terms of GDP, currently valued as $11B, out of 195 economies in the world;
- 161st in terms of total exports out of 226 countries;
- 191st in terms of GDP per capita, valued with current US$, out of 196 economies in the world.
EXPORT
In 2023, the products that were exported the most from Somalia were
- Sheep and Goats - $377M;
- Gold - $315 ;
- Documents of title (bonds etc) and unused stamps - $81.8M;
- Other Animals - $74.7M;
- Bovine - $43M.
On the other hand, the main characters in the exportation scene were
- United Arab Emirates - $360M;
- Saudi Arabia - $283M;
- Oman - $180M;
- Djibouti - $84.2M;
- India - $30.9M.
IMPORT
In 2023 Somalia imported many products, but the most remarkable ones were
- Raw Sugar - $394M;
- Rolled Tobacco - $280M;
- Broadcasting Equipment - $243M;
- Rice - $226M;
- Palm Oil - $202M.
The origins of these products were mostly
- United Arab Emirates - $1.5B;
- China - $1.01B;
- India - $780M;
- Turkey - $424M;
- Oman - $257M.
CONCLUSIONS
Somalia’s Journey is far from over, because it continues to face challenges due to decades of adversity, but it’s also steadily moving forward.
What truly defines this country is the strength, resilience and determination of its people that, with each step, are building the foundations of a brighter and hopeful future.
Source: https://oec.world/en
