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Key Performance Indicators - Export & Investment

As per the latest data released by Statistics Mauritius, exports of goods (excluding ship’s stores and bunkers) rose to Rs 83,943 million in 2023, representing an increase of 1% from 2022.  However, total exports fell by 1.4% to Rs 104,081 million from Rs 105,524 million in 2022, amid the highly uncertain and pessimistic economic environment worldwide. Worldwide core inflation remained persistent throughout 2023 at 6.3% (Source: IMF), explained by the ongoing war in Ukraine and the middle east, tight labour markets, monetary policy tightening as well as economic slowdown in main markets.  In fact, taking into consideration the weak growth outlook, the UNCTAD predicted that global trade would contract by approximately 5% in 2023, and this has clearly impacted our exports.

A breakdown of the 2023 trade figures in Mauritius showed that re-exports increased by 5% while domestic exports and ship’s stores and bunkers decreased by 0.5% and 10% respectively. 

Exports of food and live animals remain the main exported commodity representing 55% of domestic exports, up by 17% as compared to 2022.  Despite efforts by manufacturing companies to secure orders, the sluggish global economic climate has led to stagnating exports, particularly in the chemicals and related products, textile yarns, fabrics, pearls and semi-precious stones as well as articles of apparel and clothing.

Europe remained the main export market (43%), with France, United Kingdom and Spain leading.  Exports to China rose by 74% in the wake of the Mauritius-China FTA in force since January 2021.  Exports to Africa declined by 12% explained by decreases in value to Kenya (-23%) and South Africa (-18%) due to lower demand and logistics bottlenecks in these countries. South Africa, Madagascar, and Reunion Island, however, remain important markets in the region. It was also observed from the export figures that Czech Republic, Mayotte, Zambia, and Mozambique emerged as promising new export markets, in line with EDB’s strategy to diversify export destinations. 

Foreign Direct Investment on the rise at Q3 2023

Foreign Direct Investment (FDI) into Mauritius, as per the latest figures released by the Bank of Mauritius, was estimated at Rs 23.1 billion for the first three quarters of 2023. This represents an increase of 27% relative to the same period in 2022, where a record level of Rs 18.2 billion was registered. The FDI level in 2023 represents a new all-time high benchmark and also surpasses the pre-covid level of Rs 14.9 billion by a margin of 55%.

This is a reflection of the positive momentum of the economic recovery since 2021, with investors showing increased confidence in our jurisdiction for investment across several sectors. While real estate activities remain the anchor of the FDI influx in 2023 with a 69% share and an increase of 59% compared to 2022, several sectors have showed steady growth as compared to 2022, notably the energy, financial services, tourism, scientific activities and ICT. Other sector of activities are expected to shore up in the last quarter and thereon contribute strongly to the total aggregate for the year. Significant re-investments by foreign companies already present in Mauritius have further contributed to elevate the FDI inflows.

With the strong FDI influx recorded in each of the three quarters of 2023 and with an increased margin compared to the same periods of 2022, it is projected that the Rs 27 billion recorded for the full year in 2022 will be surpassed.

In fact, as per the estimates of the EDB, it is expected that the total influx of direct investments for 2023 will exceed Rs 35 billion.

In terms of source of the inflows between 2022 and 2023, Europe remains the primary contributor within the range of 50% share on average. Africa and Asia have been steady sources of investment, with shares exceeding 10% each, respectively. FDI from North America had a 15% share in 2022 and is expected to reach a similar percentage by the end of the year 2023.

FDI from other sources, such as UAE, Oceania and Latin America are on a gradual growth and the higher share of North American investors in the last few years is evidence of a wider interest in our jurisdiction and success of the promotional missions and campaigns carried out by the EDB to promote the image of Mauritius as premium destination and international IFC.

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