Key Market Indicators
**Malagasy Nickel Export Expected to Surpass $580 Million by 2028** Antananarivo — Malagasy nickel exports are projected to hit approximately $589 million by 2028, up from around $501 million in 2023. This marks an average annual growth rate of 2.5%. Since 1999, the nation's nickel supply has seen a consistent year-on-year increase of 3.6%. In the global ranking of nickel exporters for 2023, Madagascar secured the 16th position. The Philippines outpaced Madagascar with exports valued at $501 million. Leading the pack were Canada, Russia, and Malaysia, occupying the second, third, and fourth spots respectively. **Nickel Import Growth to Reach $1.3 Million** On the import front, Madagascar's nickel imports are anticipated to grow to approximately $1.3 million by 2028, up from nearly $1.25 million in 2023. This represents an average annual growth rate of 1%. Since 1995, the country's demand for nickel has surged at an impressive yearly rate of 11.6%. These trends highlight Madagascar's expanding role in the global nickel market, both as an exporter and an importer.
