Eswatini and Lesotho
Eswatini and Lesotho combine governmental contacts, shared educational precedents and regional coordination. A 2021 visit by Eswatini's interim prime minister addressed economic recovery, while civil society organizations sought to learn about Lesotho's institutional reform experience.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
On May 13, 2021, Themba Masuku, then acting prime minister of Eswatini, visited King Letsie III and Prime Minister Moeketsi Majoro.
What merchandise trade shows
In 2024, goods trade between Eswatini and Lesotho totalled 9.9 million current USD.
Documented trade sectors
Within the selected chapters, meat and edible offal stands out in shipments from Eswatini to Lesotho, at 0.556 million USD in 2024.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 9.94 M USD | 2024 · Comtrade |
| Goods: Eswatini to Lesotho | 3.41 M USD | 2024 · Comtrade |
| Goods: Lesotho to Eswatini | 6.53 M USD | 2024 · Comtrade |
| Services trade | ||
| Export share: Eswatini to Lesotho | ||
| Export share: Lesotho to Eswatini | 0.65 % | 2024 · Comtrade |
| Investment stock: Eswatini in Lesotho | ||
| Investment stock: Lesotho in Eswatini |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
- Goods trade
- 2024 · UN Comtrade · Goods; full calendar year; reporter LSO. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Eswatini to Lesotho
- 2024 · UN Comtrade · Goods; full calendar year; reporter LSO. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Lesotho to Eswatini
- 2024 · UN Comtrade · Goods; full calendar year; reporter LSO. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Lesotho to Eswatini
- 2024 · UN Comtrade · Exports to the partner / worldwide exports by the same reporter; same year and coverage.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
Some annual indicators refer to different years. Check the period beside each value before comparing them.
| Indicator | Eswatini | Lesotho |
|---|---|---|
| Nominal GDP | 5.16 billion USD2025 · WB | 2.57 billion USD2025 · WB |
| GDP per capita | 4,108.25 USD2025 · WB | 1,088.96 USD2025 · WB |
| GDP growth | 4.19 %2025 · WB | 1.98 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 4.27 %Annual average · 2025 · WB | |
| Inflation · latest year-on-year figure | ||
| Unemployment | 34.2 %ILO est.2025 · WB | 16.32 %ILO est.2025 · WB |
| Budget balance (% of GDP) | -6.1 %IMF est.2025 · IMF | 2.2 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 44.9 %IMF est.2025 · IMF | 49.1 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | 1.61 %2024 · WB | -0.15 %2025 · WB |
| Population | 1,256,1742025 · WB | 2,363,3252025 · WB |
| Area | 17,360 km²2023 · WB | 30,360 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDEswatini: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personEswatini: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Eswatini: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)Lesotho: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institutionEswatini: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2025 · ILO modelled estimate; percentage of the labour force · World Bank · ILO est. · Annual World Bank observation, with its original year; not monthly data.
- Budget balance
- General government (% of GDP)Eswatini: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Lesotho: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Eswatini: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Lesotho: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPEswatini: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Population
- PeopleEswatini: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceEswatini: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Lesotho: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Eswatini to Lesotho
Lesotho to Eswatini
Connections between people
Masuku recalled the educational precedents of Pius XII College in Roma and the later University of Botswana, Lesotho and Swaziland. He also noted continuing trilateral cooperation with Botswana through the Institute of Development Management, devoted to training, research and consulting. [1] [2]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Eswatini living in Lesotho | ||
| Residents from Lesotho living in Eswatini | ||
| Study and training: Eswatini in Lesotho | ||
| Study and training: Lesotho in Eswatini | ||
| Academic stays: Eswatini in Lesotho | ||
| Academic stays: Lesotho in Eswatini | ||
| Travel: Eswatini to Lesotho | ||
| Travel: Lesotho to Eswatini |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
The scale of both economies
Nominal GDP for Eswatini is 5.2 billion USD (2025), compared with 2.6 for Lesotho (2025). The reference populations are 1.26 and 2.36 million, respectively. In the same year, the economy of Eswatini was 2.01 times that of Lesotho in nominal GDP. The comparison provides context on market size, but does not, on its own, measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [5] [6]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Bilateral context
On May 13, 2021, Themba Masuku, then acting prime minister of Eswatini, visited King Letsie III and Prime Minister Moeketsi Majoro. His three-day mission addressed cooperation for economic recovery after the pandemic. [1] [2]
Cooperation and bilateral issues
The leaders agreed to continue talks and share positions before attending multilateral platforms, particularly SACU and SADC. That bilateral dialogue is distinct from regional customs agreements. Masuku recalled the educational precedents of Pius XII College in Roma and the later University of Botswana, Lesotho and Swaziland. He also noted continuing trilateral cooperation with Botswana through the Institute of Development Management, devoted to training, research and consulting. The visit included a planned excursion to Mohale Dam; the announcement does not show it was completed or constitute an infrastructure agreement. [1] [2]
Exchanges among civil society actors on reforms
Another Lesotho government report documents a twenty-person delegation from Eswatini that visited Majoro to learn about Lesotho's national reforms. It included civil society organizations, women, young people, people with disabilities, legal and agricultural associations and a party forum. Thulani Maseko, chairman of the Multi-Stakeholder Forum, proposed learning from Lesotho's peaceful transformations and criticized concentration of power in Eswatini. This was a civic delegation, not an agreement between governments; the news item does not provide an unambiguous calendar date. [2]
What merchandise trade shows
In 2024, merchandise trade between the two countries (Eswatini and Lesotho) totalled 9.9 million current USD. Shipments from the first to the second were 3.4 million; those in the opposite direction, 6.5 million. The difference between the two flows was 3.1 million, in favour of Lesotho. This is a goods balance, not the total balance of the economic relationship: it excludes services, income and transfers. Both directions come from a single customs reporter to avoid adding mirror records. [3]
The partner's share of exports
Sales from Lesotho to the partner represented 0.65% of its worldwide goods exports in 2024. The share compares the same reporter, year and coverage. It measures export concentration, not the percentage of GDP dependent on this relationship. A partner may be important in a specific sector even if its share of total goods trade is small. [3]
Documented trade sectors
Within the selected chapters, meat and edible offal stands out in shipments from Eswatini to Lesotho, at 0.556 million USD in 2024. Within the selected chapters, pharmaceutical products stands out in shipments from Lesotho to Eswatini, at 0.183 million USD in 2024. The table compares eight selected chapters with the same coverage as the trade total. It is not a complete list or proof that the first item in this selection is the leading product across the entire relationship. A chapter groups numerous goods: machinery and components, for example, do not describe a single business transaction. [4]
Milestones and consequences
- 2021-05-13
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Eswatini PM in Lesotho,13 May2021
Government of Lesotho / LENA · Institutional source · Accessed: 2026-10-08
- Eswatini civic delegation visits Lesotho
Government of Lesotho / LENA · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade · Institutional source · Accessed: 2026-10-08
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07
Additional sources on products and human connections
- UN Comtrade
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.