Embassy of India

Trade relations between India and Madagascar have continued to exist since the 19^th century, that witnessed the first arrival of Gujarati seafaring business community to Madagascar, who had been pursuing maritime trade with Madagascar through traditional trade routes in the Indian Ocean. In the last few years, the economic corridor between India and Madagascar has transformed from a historical maritime link into a robust strategic partnership. As of 2026, this relationship serves as a cornerstone of Vision MAHASAGAR, reflecting a shared commitment to maritime security and mutual prosperity in the Western Indian Ocean. Since 2021, bilateral trade has demonstrated remarkable resilience and growth. In the fiscal year 2022-23, total trade reached approximately $654.87 million, a significant jump from the $420 million recorded in 2019-20. India has consistently maintained a trade surplus, primarily driven by its role as a key supplier of essential commodities. As a Least Developed Country, Madagascar benefits from India’s Duty-Free Preferential Tariff Scheme on about 98.2% of India’s tariff lines. The bilateral trade figures for the last five years are as follows:

The Embassy organized a special session on promotion of Trade and Tourism between India and Madagascar in Antananarivo on 15 December 2025, along with the Federation of Chambers of Commerce & Industry of Madagascar and leading entrepreneurs and members from the Indian and Malagasy business community. The then Minister of Industrialization and Trade of Madagascar H.E. Mr. David Herizo Ralambofiringa, Director General of the Economic Development Board of Madagascar Mrs. Josielle Rafidy, incoming Chairperson of SADC Business Council Dr. Gervais Atta and other dignitaries graced the "India-SADC Business Forum" organized in Antananarivo on 31 July 2025, coinciding with the visit of an Indian business delegation from FICCI for the SADC Industrialization Week in Madagascar. Governor of Menabe region H.E. Mr. Randriantsoa Serge Lucky took part in a special event to promote trade-economic cooperation between India and Menabe Region, organized in Morondava on 13 June 2025. A special Trade-Investment Promotion event was organized by the Embassy in Antananarivo on 11 February 2025, which was attended by the then Minister of Transport and Meteorology of Madagascar H.E. Mr. Valery Ramonjavelo, the then Secretary General of Ministry of Foreign Affairs Mr. Eric Ratsimbazafy and was coincided with the visit of a 10-member business delegation from the Confederation of Indian Industry. A special event on Trade-Economic Cooperation between Indian States and Diana Region was held on 19 December 2024 in Antsiranana. An event to promote Tourism and Trade cooperation with Diana region was organized in Nosy Be on 18 September 2024. Similar events were also organized in Mahajanga (Boeny Region) and Antsirabe (Vakinankaratra Region) in May 2024 and July 2024 respectively. A special event to promote cooperation between Indian States and Madagascar was organized in Antananarivo on 29 February 2024 by the Embassy in assocaition with the Ministry of Foreign Affairs of Madagascar. Embassy had also organized a state promotion event in Antsiranana (Diana Region) in December 2023. A Tourism Promotion Event was organized by the Embassy in Antananarivo in February 2022. A webinar and virtual Business-to-Business meetings on opportunities in health care and pharmaceuticals was organized by the Embassy in collaboration with Pharmaceuticals Exports Promotion Council of India (Pharmexcil) in December 2021. 

Trade Composition & Commodities:

• Indian Exports to Madagascar: India’s exports are dominated by rice (both Basmati and non-Basmati), pharmaceuticals, cotton textiles, and machinery, which provide essential food security, healthcare access, and industrial support to Madagascar. India also supplies vehicles, iron and steel, and other manufactured goods, reinforcing its role as a critical partner in Madagascar’s economic development.

• Indian Imports to Madagascar: Madagascar’s exports to India are largely agricultural, with cloves being the cornerstone. India is one of the largest buyers of Malagasy cloves. Other significant exports include spices, cocoa products, vanilla, pulses, and essential oils, reflecting Madagascar’s natural resource and agrarian strengths. This trade dynamic highlights India’s role as a supplier of industrial and consumer goods, while Madagascar leverages its agricultural heritage to sustain bilateral commerce.