Madagascar exports a diverse mix of goods, from vanilla and cloves to nickel, cobalt, and textiles. The island nation’s top export destinations in 2024 were the United States ($593 million), France ($566 million), China ($283 million), India ($206 million), and Japan ($186 million). Its economy draws on three major sectors: agriculture and spices, mining and minerals, and garment manufacturing.
Vanilla, Cloves, and Other Agricultural Goods
Madagascar is the world’s largest producer of vanilla, and the spice remains one of the country’s most recognizable exports. Global demand for natural vanilla in food, fragrance, and cosmetics keeps Madagascar at the center of that market, though prices fluctuate sharply from year to year depending on crop yields and speculative buying.
Cloves are another major agricultural export. In 2024, Madagascar exported $221 million worth of cloves, making it the second-largest clove exporter in the world. The country supplies roughly 33% of global clove exports. Beyond spices, Madagascar also ships coffee, lychees, shrimp, and essential oils to international buyers. France and India are particularly significant markets for these agricultural products.
Nickel, Cobalt, and Mineral Exports
Mining punches well above its weight in Madagascar’s export economy. As of 2019, minerals accounted for at least 30% of the country’s total export value, even though the mining and quarrying sector represented only about 4.1% of GDP. The most valuable mineral export is nickel, which alone made up 17.3% of total exports that year. Cobalt followed at 4%, ilmenite (a titanium ore) at 3.6%, and gold at 3.3%. Smaller but notable exports include zircon, chromite, and graphite.
Madagascar also plays a significant role in global production of rare earths, mica, and gemstones. The country produces a wide range of precious and semi-precious stones, including sapphires, rubies, emeralds, garnets, amethysts, and tourmaline. While large-scale mining operations formally employ around 6,000 workers, artisanal and small-scale mining supports an estimated 500,000 to over one million workers informally, making it one of the largest sources of rural employment on the island.
Textiles and Apparel
Garment manufacturing has become a growing part of Madagascar’s export profile. As of 2023, Madagascar ranked second among Sub-Saharan African countries in textile and apparel exports to the United States under the African Growth and Opportunity Act (AGOA), a U.S. trade program that allows qualifying African nations to export certain goods duty-free. Madagascar ranks first among Sub-Saharan African countries for textile and apparel exports to the European Union.
The sector primarily produces finished garments rather than raw materials. Textile fabric exports grew from about $808,000 in 2020 to $4.7 million in 2023, though they pulled back to $2.6 million in 2024. The EU and regional trade blocs in southern and eastern Africa are the primary markets. The garment industry benefits from relatively low labor costs and proximity to both European and regional buyers, making it an attractive base for international apparel brands sourcing from Africa.
Where Madagascar’s Exports Go
The United States and France are Madagascar’s two largest trading partners, each receiving over half a billion dollars in exports annually. The U.S. market absorbs much of the country’s vanilla and a growing share of its textiles, while France, the former colonial power, remains a major buyer of agricultural goods and processed products. China and India are significant destinations for minerals and raw materials, and Japan rounds out the top five.
This geographic spread gives Madagascar some diversification, but the economy remains vulnerable to price swings in a handful of commodities. Vanilla prices, for instance, can swing from under $100 per kilogram to over $600 within a few years, creating boom-and-bust cycles for farming communities. Similarly, global nickel and cobalt prices are tied to demand from the electric vehicle and battery industries, adding another layer of volatility to Madagascar’s export revenue.