On December 6, 2021, Mr. Mohamed Ould Mahmoud, Mali's Minister of Industry and Trade issued a decision to suspend the export of rice, corn, cottonseed, cottonseed meal, millet and sorghum to ensure adequate food supply in country. This export suspension is intended to prevent a grain crisis unfolding on world markets and to protect domestic production and the most vulnerable populations in Mali, he added".
According to the United Nations, food prices could increase by 30-40% in West Africa. In addition to the instability in security and politics in Mali, the supply of goods in general becomes complicated.
Mali has an open economy in which foreign trade accounts for 58% of GDP. The main objective of this country's trade policy is to continue implementing the structural adjustment program recommended by the International Monetary Fund (IMF) to diversify the economy and foreign trade. Mali's import taxes are relatively low (average around 10%) and there are few legal or regulatory obstacles to trade. According to the IMF, due to the impact of Covid-19, in 2020, this country's export turnover will only reach 3.923 billion USD, down 16.8% and import turnover will reach 4.877 billion USD, down 3.1% year-on-year. 2019. In 2021, the IMF forecasts that Mali's exports will increase by 16.7% and imports by 11.5%. Mali exports mainly gold (accounting for more than 50% of total exports), cotton, live animals and fertilizers... and imports major commodities including petroleum, modern medicines, and cement. Mali's main export partners are Switzerland, China, India, and Bangladesh. The main import partners include Ivory Coast, France, Senegal and China.
Regarding trade exchange between Vietnam and Mali, according to the latest data of the General Department of Vietnam Customs, in 2020, our country's export turnover to this market will only reach 13.08 million USD, a sharp decrease compared to the previous year. previously ($38.9 million in 2019) due to the impact of the economic embargo of the Economic Community of West African States (ECOWAS) on this country as well as the dynamics of the Covid-19 pandemic. In 2020, Vietnam's import turnover from Mali reached 23.89 million USD (in 2019 it was 28.49 million USD). The main export items of Vietnam include crude oil, cement, seafood, pepper, plastic products... The main imported items are cotton of all kinds, cashew nuts, copper, computers, products. iron and Steel…
Source: Vietnam Trade Office in Algeria
