The Role of International Trade on Economic Growth in Somalia
Author: Abdifatah Mohamed Abdi*, Dr. Abubaker Qutieshat
Graduate School of Business, University of Zambia
Published Date: —
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Abstract:
The study investigated the role of international trade on economic growth in Somalia, the purpose of the study is to find out the role of imports and exports impact to economic growth in Somalia and to determine the correlation between the role of international trade and economic growth in Somalia.
Major export of Somalia is livestock which is to go with by its products i.e. hides and skins though the country deliberately depends on imports of food items and non-food items.
Somalia's main export is livestock and their products such as hides and skins although the country is heavily rely on imports of nonfood items and as well as food items.
Continuously, Somali’s imports started from outside countries such as South East Asia countries and Gulf countries and Country’s exports for 2021 were 1.53 billion USD, a 30.05 percent improved from 2020, Contribution of livestock to the national economy is estimated at 60 to 65%.
Somalia’s main exports are including livestock, bananas, skins, fish, charcoal, and scrap metal, the major export partners are such as the Yemen, Saudi Arabia, Oman and UAE.
Studies in 2020 indicated that Somalia was the number 173 economy in the world in terms of total exports and number 140 in total imports.
