Ivory Coast Trade Analysis 2023

The Republic of Cote d’Ivoire in West Africa is one of the growing economies of the region and is lined by different nations like Liberia, Guinea, Mali, Burkina Faso, and Ghana in different directions. One of the most populous countries of Africa holds a population of 27 million among which the majority practices French as their official language followed by other natives such as Bete, Baoule, Diona, and Dan. The nation spread over an area of 332,463 square kilometers is rich in fertile lands and natural resources that promote the agricultural sector to contribute 23% of share in its GDP. 

The rapidly growing economy of any nation depends heavily on national and international trade. The trade statistics give an overview of its expanding reach in the global market along with the investments by the government authorities. Ivory Coast or Cote d’Ivoire is rich in natural resources which indulge the production of the agricultural sectors to cater the economic stability. The expanding export trade reach of the nation along with other attributing factors has accounted for a GDP of 64.29 billion US dollars in 2023 with an import and export trade value of 15.7 billion US dollars and 18.2 billion US dollars. 

The inadequate production of domestic goods to fulfill consumer needs leads to an increase in international imports. Imports are for several purposes ranging from filling up the consumer needs to indulging the production rate of export industries. As per the Ivory Coast Import Data, the top 10 import products of the nation in 2023 with its trade values are discussed below,

• (HS code - 27)Refined Petroleum’s – Import Trade value of 2023 – 2.9 billion US dollars

• (HS code - 87)Cars– Import Trade value of 2023 – 1 billion US dollars

• (HS code - 30)Packaged medicaments– Import Trade value of 2023 – 800 million US dollars

• (HS code - 10)Wheat– Import Trade value of 2023 – 700 million US dollars

• (HS code - 10)Rice– Import Trade value of 2023 – 600 million US dollars

• (HS code - 84)Delivery trucks– Import Trade value of 2023 – 400 million US dollars

• (HS code - 85)Broadcasting equipment– Import Trade value of 2023 – 350 million US dollars

• (HS code - 15)Palm oil– Import Trade value of 2023 – 300 million US dollars

• (HS code - 03)Non fillet fresh fish– Import Trade value of 2023 – 250 million US dollars

• (HS code - 84)Computers– Import Trade value of 2023 – 200 million US dollars

Import destinations are the nations from which the import trade holders used to import their required necessities. Several factors such as favorable trade value, trade agreements, and location of the region are considered while choosing the destination of import for smooth trade shares. The Ivory Coast Customs Data enlists the below-mentioned countries as the top import destinations of the nation in 2023,

• China – Annual Import Trade revenue of 2023 – 9.5 billion US dollars

• France– Annual Import Trade revenue of 2023 – 4 billion US dollars

• Nigeria – Annual Import Trade revenue of 2023 – 2 billion US dollars

• India – Annual Import Trade revenue of 2023 – 1.8 billion US dollars

• Netherlands – Annual Import Trade revenue of 2023 – 1 billion US dollars

• Germany – Annual Import Trade revenue of 2023 –  900 million US dollars

• United States – Annual Import Trade revenue of 2023 – 800 million US dollars

• Belgium – Annual Import Trade revenue of 2023 – 700 million US dollars

• South Africa – Annual Import Trade revenue of 2023 – 500 million US dollars

• Switzerland – Annual Import Trade revenue of 2023 – 400 million US dollars

The increased production rate of the industries due to the relentless efforts of the government authorities leads to a higher amount of exports. The export trade rate of Ivory Coast plays a significant role in its economic growth including the agricultural sectors according to the Ivory Coast Export Data, the top 10 products that the country has exported in 2023 with their values are discussed below,

• (HS code - 18)Cocoa beans – Export Trade value of 2023 – 4 billion US dollars

• (HS code - 27)Refined petroleum– Export Trade value of 2023 – 2 billion US dollars

• (HS code - 08)Cashews– Export Trade value of 2023 – 1.5 billion US dollars

• (HS code - 71)Gold– Export Trade value of 2023 – 700 million US dollars

• (HS code - 40)Rubber– Export Trade value of 2023 – 600 million US dollars

• (HS code - 08)Pineapples– Export Trade value of 2023 – 500 million US dollars

• (HS code - 08)Coconuts– Export Trade value of 2023 – 400 million US dollars

• (HS code - 52)Cotton– Export Trade value of 2023 – 300 million US dollars

• (HS code - 64)Wood products– Export Trade value of 2023 – 200 million US dollars

• (HS code - 27)Petroleum gas– Export Trade value of 2023 – 150 million US dollars

The Ivory Coast Export trade has been expanding its rich across the globe to cater to the economic growth of the nation to a huge extent. Countries with closer geographical proximity are preferred more for trade of exports says the Ivory Coast Export Data, the top 10 export destinations of the nation of 2023 with its annual revenues are discussed below,

• Netherlands – Annual Export Trade revenue of 2023 – 2.5 billion US dollars

• United States– Annual Export Trade revenue of 2023 – 1.8 billion US dollars

• Spain– Annual Export Trade revenue of 2023 – 1 billion US dollars

• Germany– Annual Export Trade revenue of 2023 – 900 million US dollars

• Ghana– Annual Export Trade revenue of 2023 – 800 million US dollars

• Belgium– Annual Export Trade revenue of 2023 – 700 million US dollars

• Italy– Annual Export Trade revenue of 2023 – 600 million US dollars

• China– Annual Export Trade revenue of 2023 – 500 million US dollars

• Turkey – Annual Export Trade revenue of 2023 – 400 million US dollars

• Algeria– Annual Export Trade revenue of 2023 – 300 million US dollars