Madagascar and Seychelles
Madagascar and Seychelles signed a general agreement to expand cooperation in April 2025. The framework brings together island sectors such as fishing and transport with health, education, culture and investment.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08History and institutional framework
Sylvestre Radegonde and Rafaravavitafika Rasata signed the general cooperation agreement on 17 April 2025 at Maison Quéau de Quinssy.
What merchandise trade shows
In 2025, goods trade between Madagascar and Seychelles totalled 6.2 million current USD.
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Madagascar to Seychelles, at 0.262 million USD in 2025.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | 6.24 M USD | 2025 · Comtrade |
| Goods: Madagascar to Seychelles | 4.19 M USD | 2025 · Comtrade |
| Goods: Seychelles to Madagascar | 2.05 M USD | 2025 · Comtrade |
| Services trade | ||
| Export share: Madagascar to Seychelles | 0.169 % | 2025 · Comtrade |
| Export share: Seychelles to Madagascar | ||
| Investment stock: Madagascar in Seychelles | ||
| Investment stock: Seychelles in Madagascar |
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
- 2025 · UN Comtrade; reporters JOR, JPN, KGZ, LBR, LKA, LVA, MDG, MDV, MHL, MNE · Goods; full calendar year; reporting country MDG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Madagascar to Seychelles
- 2025 · UN Comtrade; reporters JOR, JPN, KGZ, LBR, LKA, LVA, MDG, MDV, MHL, MNE · Goods; full calendar year; reporting country MDG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Goods: Seychelles to Madagascar
- 2025 · UN Comtrade; reporters JOR, JPN, KGZ, LBR, LKA, LVA, MDG, MDV, MHL, MNE · Goods; full calendar year; reporting country MDG. Exports normally FOB and imports CIF; no addition of mirror declarations. Both directions are identified from the same customs authority.
- Export share: Madagascar to Seychelles
- 2025 · UN Comtrade; reporters JOR, JPN, KGZ, LBR, LKA, LVA, MDG, MDV, MHL, MNE · 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.
| Indicator | Madagascar | Seychelles |
|---|---|---|
| Nominal GDP | 19.62 billion USD2025 · WB | 2.39 billion USD2025 · WB |
| GDP per capita | 599.27 USD2025 · WB | 19,449.38 USD2025 · WB |
| GDP growth | 3 %2025 · WB | 5.8 %2025 · WB |
| Policy interest rate | ||
| Inflation · annual average | 8.05 %Annual average · 2025 · WB | 0.3 %Annual average · 2025 · WB |
| Inflation · latest year-on-year figure | ||
| Unemployment | 3.04 %ILO est.2025 · WB | |
| Budget balance (% of GDP) | -2.2 %IMF est.2025 · IMF | -1 %IMF est.2025 · IMF |
| Gross public debt (% of GDP) | 48.7 %IMF est.2025 · IMF | 51.5 %IMF est.2025 · IMF |
| Current account balance (% of GDP) | -4.26 %2024 · WB | -7.46 %2024 · WB |
| Population | 32,740,6782025 · WB | 122,7302025 · WB |
| Area | 587,295 km²2023 · WB | 460 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 USDMadagascar: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personMadagascar: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Madagascar: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 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 (%)Madagascar: 2025 · Annual average CPI change (%) · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 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 institutionMadagascar: 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)Madagascar: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Seychelles: 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)Madagascar: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.Seychelles: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDPMadagascar: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Population
- PeopleMadagascar: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 2025 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceMadagascar: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Seychelles: 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.
Madagascar to Seychelles
Seychelles to Madagascar
How trade has changed
Millions of current USD · full calendar years
View chart figures
| Period | Total | Madagascar to Seychelles | Seychelles to Madagascar |
|---|---|---|---|
| 2021 | 18.7 | 2.3 | 16.4 |
| 2022 | 9.2 | 3.6 | 5.6 |
| 2023 | 10.1 | 2.3 | 7.7 |
| 2024 | 9.1 | 2 | 7.2 |
| 2025 | 6.2 | 4.2 | 2 |
Connections between people
The instrument seeks collaboration in culture, trade, investment, education, transport, health and fishing. [1]
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Madagascar living in Seychelles | ||
| Residents from Seychelles living in Madagascar | ||
| Study and training: Madagascar in Seychelles | ||
| Study and training: Seychelles in Madagascar | ||
| Academic stays: Madagascar in Seychelles | ||
| Academic stays: Seychelles in Madagascar | ||
| Travel: Madagascar to Seychelles | ||
| Travel: Seychelles to Madagascar |
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.
History and institutional framework
Sylvestre Radegonde and Rafaravavitafika Rasata signed the general cooperation agreement on 17 April 2025 at Maison Quéau de Quinssy. The ceremony coincided with the Malagasy minister's visit to Seychelles for the 39th ordinary session of the Indian Ocean Commission's Council of Ministers, held in Victoria on April 15 and 16. [1] [2]
The scale of both economies
Nominal GDP for Madagascar is 19.6 billion USD (2025), compared with 2.4 for Seychelles (2025). The reference populations are 32.74 and 0.123 million, respectively. In the same year, the economy of Madagascar was 8.22 times that of Seychelles 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. [6] [7]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
The instrument seeks collaboration in culture, trade, investment, education, transport, health and fishing. The news item establishes the signing and government willingness to expand the relationship, without detailing project schedules, a date of entry into force or sectoral implementation results. [1] [2]
What merchandise trade shows
In 2025, merchandise trade between the two countries (Madagascar and Seychelles) totalled 6.2 million current USD. Shipments from the first to the second were 4.2 million; those in the opposite direction, 2 million. The difference between the two flows was 2.1 million, in favour of Madagascar. 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 Madagascar to the partner represented 0.169% of its worldwide goods exports in 2025. 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]
Five years of trade trends
The consistent series shows 18.7 million USD in 2021 and 6.2 million in 2025. The change between the two endpoints was -66.6 % in current dollars. The highest annual value in the period was recorded in 2021, at 18.7 million. The chart allows the two directions to be compared to see whether they moved together or differently. The change combines quantities, prices and exchange rates; it is not automatically attributed to a treaty, a visit or a political decision. The same reporter is retained and missing years are not interpolated. [4]
Documented trade sectors
Within the selected chapters, mineral fuels and oils stands out in shipments from Madagascar to Seychelles, at 0.262 million USD in 2025. Within the selected chapters, machinery and mechanical appliances stands out in shipments from Seychelles to Madagascar, at 0.000817 million USD in 2025. 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. [5]
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.
- Bilateral relations — MDG-SYC
mfa.gov.sc · Institutional source · Accessed: 2026-10-08
- Bilateral relations — MDG-SYC
mfa.gov.sc · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters JOR, JPN, KGZ, LBR, LKA, LVA, MDG, MDV, MHL, MNE · Institutional source · Accessed: 2026-10-08
- Trade series 2021–2025
UN Comtrade / MDG · Institutional source · Accessed: 2026-10-08
- Bounded matrix; reporter, partner, year, chapter and direction identified in each record
UN Comtrade; reporters LVA, MDA, MDG, MDV, MKD, MLT · 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; reporters LVA, MDA, MDG, MDV, MKD, MLT
2026-10-08 · Accessed: 2026-10-08 · Bounded matrix; reporter, partner, year, chapter and direction identified in each record.