Somalia's trade deficit widens, consuming total inward remittances as economic disparities grow over six years

[Deeq A.]

Somalis trade deficit has significantly widened over the past six years. In 2018, Somalia faced a trade deficit of USD 2.749 billion, which expanded to USD 5.7 billion by 2023. The total import value increased from USD 3.3 billion in 2018 to USD 6.955 billion in 2023, while the total export value grew from USD 571 million to USD 1.223 billion.

Source: Hiiraan Online