Major imports and exports of Lesotho

Foreign trade is a powerful driver for economic growth of any country. Lesotho has also carved a benchmark as a significant player in the international trade, with its GDP expected to reach 2.61 USD by the end of 2023 as per the country’s Import Export Data.

Lesotho’s export- Fuelling economic growth of the country

As per Lesotho Export Data, the main exports of the country are

1. Clothing: The country has taken advantage of AGOA to become one of the largest exporters of apparels to the United States. The exports of clothing to South African market are growing because of the country’s strategy to diversify the manufacturing sector. The majority of garment companies in Lesotho are producing for South Africa and US market. The textile exports to South Africa account for 30% of the total exports in volume.

2. Diamonds: Lesotho is one of the largest exporters of diamonds. The country in 2021 exported USD 373 million in diamonds, making it the 21st largest exporter of diamonds in the world. In the same year the diamond production of the country approximately amounted to 300 thousand carats. The country exports most of its diamond stone to India.

3. Water: Lesotho does benefit from water exports. The government gets around USD 15 million a year in royalties for the water. The country is South Africa’s water engine and the country paid 1.33 billion rand in royalties for water to Lesotho.

4. Wool: Lesotho exported USD 57.6 million of wool, in 2021, making it the fifth largest exporter of wool in the world. The fastest growing export markets for wool of Lesotho were China and South Africa.

5. Tobacco: The tobacco market of Lesotho is projected to grow by 5.80% resulting in a market volume of € 124.60 m by 2027. The country imports most of its tobacco from India, South Africa and Spain. The country exports tobacco and manufactures tobacco substitutes to South Africa.

Lesotho Imports- Exploring global markets

Like many countries, Lesotho also imports several products to meet its domestic demand. Major imports as per Lesotho Import Data are

1. Food: The country imports more food and the food imports for Lesotho in 2021 was 20.7%. The countries from which Lesotho imports food products are South Africa, France, Italy, China and Zimbabwe. The country relies heavily on imports from South Africa for almost all the commodities with only 30% of all the foods consumed being produced in Lesotho.

2. Fuel: In 2021, the country imported USD 1702 million petroleum gas, becoming the 121st largest importer of petroleum gas in the world. The country imports all of its petroleum products through surrounding South Africa, results in higher prices in its domestic market. The other top partners from which Lesotho imports fuel are Singapore, South Africa, Mozambique, Asia and Belgium.

3. Building materials: The country imports from South Africa, plaster, stone, cement, mica, asbestos, or similar materials and the value of the same was USD 5.71 million in 2021. The country became 148th largest importer of plastic building materials in the world.

4. Machinery: As the industrialization and modernization continues, the demand for machinery and equipment imports in Lesotho has risen. In 2021, the country imported USD 49.9 k in rubber working machinery, becoming the 193rd largest importer of this specific machinery in the whole world. The country imports electrical machines and apparatus from France.

The imports and exports are part and parcel of every country in today’s scenario. Lesotho is striving to carve its own niche in the international trade domain with its imports and exports policies. The country has an export driven economy which is highly dependent on international trade. The ratio of exports and imports in goods and services as a percentage of GDP averaged 155.3%.

Wrap up

Lesotho is burgeoning in the path of growth, adaptability and collaboration. The country continues to refine its exports and imports and has carved its position as a key player in the international trade domain. When planning to do international trade with Lesotho, it is important to know before- hand the country’s trade scenario in terms of its customer preferences, their buying power, government regulations and market scenario so that one can make informed business decisions.

If you are willing to get in depth access to Lesotho Import Export data then consider a reputed company like Import Globals that provides authentic, reliable and accurate trade data of almost all the countries. The data provides all the necessary details about products being imported or exported and about all the companies in trade with Lesotho. The data service provider provides authentic data like HS code, shipment data, custom data and others to help businesses make informed decisions when doing international trade deal with Lesotho.

Best ways to attract customers for your import export business in Ivory Coast

Comments

Post a Comment

Popular posts from this blog

Importance of Turkey Import Export in Trade Data Business

Are you planning to do trade business with Turkey? If so, it is very important to know the trade dynamics of the country so that you can make informed business decisions. Here comes the need of Turkey Global Import Export Data details on real-time basis for successful international trade expansion. Turkey Import Data is collected of statistical information about each company’s business activities. It is based on the shipping bills, import bills, invoices and other import export documents. The data provides a bird’s eye view of the commodities that are imported or exported in Turkey. The Turkey import and export data contains information about price, HS code, importers’ details, exporters’ details, custom data, shipment data, competitors’ data, product description and quantity. Know the importance of Turkey import export data 1. The authentic and real-time import export data is used to estimate the consumption pattern of Turkey. The businesses can predict the local demand of commoditi
Read more

Get Import Export Information Mexico

Are you planning to do import export business with Mexico? If so, you need to have thorough knowledge of the market scenario of Mexico before venturing into business. Access to the Latest Import Export Data from a good data service provider will help you get clear inputs about trade dynamics of the country. If you are an importer in Mexico and want to imports goods, it is important you get real-time details of custom and statistical data. Mexico Import Data will help you to have clear picture of import value of the country, import partners, shipment data, custom data, statistical data, HS codes, competitors, country of origin and many key details that will help importers plan calculative business moves. If you are an exporter and plan to export goods, Mexico Export Data will help you understand the export status of the country. It gives insights about the buyers of the traded products. Authentic, real time and flawless export data help the exporters to stay ahead in the race. By usi
Read more

Russia Import Export Statistics 2023

  Russia's trade activities were significant, with both exports and imports playing crucial roles in its economy. Here's a general overview: Exports: Energy Resources: Russia is renowned for its vast energy resources, particularly oil and natural gas. These resources constitute a substantial portion of Russia's export revenue. Russia Export Data Minerals and Metals: Russia also exports various minerals and metals, including iron ore, coal, aluminum, and copper. Arms and Military Equipment: The country is a significant exporter of arms and military equipment to various countries around the world. Agricultural Products: Russia exports agricultural commodities such as wheat, barley, and other grains. Imports: Machinery: Russia imports machinery and equipment for industrial purposes, including machinery for manufacturing and infrastructure development. Russia Import Data Consumer Goods: Like many countries, Russia imports various consumer goods such as electronics, clothi
Read more