That projected dollar amount results from a -21.4% downturn from $1.34 billion five years earlier in 2019.
Year over year, the value of Haiti’s exports slumped by -19.4% compared to $1.31 billion starting from 2022.
Based on the average exchange rate for 2023 on a Purchasing Power Parity basis, the Haitian gourde diluted by -58.8% against the US dollar since 2019 and depreciated by -22% from 2022 to 2023. Haiti’s weaker local currency compared makes Haitian exports paid for in stronger US dollars relatively less expensive for international buyers.
Haiti’s Major Trading Partners
Haiti occupies the western three-eighths of Hispaniola located on the Greater Antilles archipelago in the Caribbean Sea, sharing the remaining area of the island with the Dominican Republic.
The latest available country-specific data from 2017 shows that 92% of products exported from Haiti was bought by importers in: United States of America (56.4% of the Haitian total), France (12.5%), Canada (4.4%), Thailand (4.2%), Spain (2.8%), Taiwan (2.3%), United Kingdom (2.2%), Dominican Republic (2.1%), Vietnam (1.6%), mainland China (1.4%), Belgium (1.07%) and Jamaica (1%).
From a continental perspective, 61% of Haiti’s exports by value was delivered to North American countries while 20% was sold to importers in Europe. Haiti shipped another 12.6% worth of goods to buyers in Asia.
Tinier percentages went to Latin America (5%) plus the Caribbean led by Dominican Republic but excluding Mexico, Africa (1.4%), then Oceania’s Australia and New Zealand (0.1%).
Given Haiti’s population of 12.2 million people, its total $1.06 billion worth exports in 2023 translates to roughly $90 for every resident in the West Indian country. That dollar metric lags the average $110 per capita one year earlier during 2022.
Haiti’s Top 10 Exports
The following export product groups represent the highest dollar value in Haitian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Haiti.
- Knit or crochet clothing, accessories: US$707.5 million (67% of total exports)
- Clothing, accessories (not knit or crochet): $162.9 million (15.4%)
- Perfumes, cosmetics: $39.5 million (3.7%)
- Headgear: $17.7 million (1.7%)
- Iron, steel: $16.8 million (1.6%)
- Electrical machinery, equipment: $13.9 million (1.3%)
- Miscellaneous textiles, worn clothing: $13 million (1.2%)
- Copper: $11.5 million (1.1%)
- Beverages, spirits, vinegar: $11.4 million (1.1%)
- Fish: $8 million (0.8%)
Haiti’s top 10 export categories generated 95% of the overall value of its global shipments.
Copper was the fastest grower among the top 10 export categories, up by 41.8% from 2022 to 2023.
In second place for improving export sales was the beverages, spirits and vinegar category via a 32.4% advance.
Haiti’s shipments of headgear posted the third-fastest gain in value, up by 12.8%.
The leading decliner among Haiti’s top 10 export categories was fish, pulled down by a -41.3% year-over-year drop.
At the more granular four-digit Harmonized Tariff System code level, knitted or crocheted t-shirts and vests represent Haiti’s most valuable exported product at 39.7% of the country’s total export sales. In second place were knitted or crocheted jerseys and pullovers (14.5%) trailed by unknitted and non-crocheted men’s suits and trousers (6.5%), knitted or crocheted women’s clothing (5.7%), unknitted and non-crocheted men’s shirts (4.4%), essential oils (3.7%), unknitted and non-crocheted tracksuits and swimwear (2%), unknitted and non-crocheted women’s clothing (1.8%), knitted or crocheted hats or other headgear (1.6%), then iron or steel scrap (also 1.6%).
Collectively, that cohort of 10 major commodities represents 81.5% of the overall value of Haitian exported goods during 2023. That percentage suggests a concentrated portfolio of exported goods specific to the clothing industry.
Products Generating Haiti’s Largest Trade Surpluses
The following types of Haitian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Knit or crochet clothing, accessories: US$551.5 million (Down by -29.7% since 2022)
- Clothing, accessories (not knit or crochet): $146.7 million (Up by 0.4%)
- Headgear: $15.8 million (Up by 16%)
- Copper: $10.7 million (Up by 86.1%)
- Cocoa: $4.4 million (Up by 68.5%)
- Collector items, art, antiques: $2.5 million (Up by 210.3%)
- Feathers, artificial flowers, hair: $1.2 million (Down by -60.8%)
- Raw hides, skins not furskins, leather: $944,000 (Up by 57.1%)
- Fruits, nuts: $107,000 (Down by -99%)
- Plaiting products, basketware.wickerwork: $58,000 (Up by 123.1%)
Haiti has highly positive net exports in the international trade of clothing and related accessories. In turn, these cashflows indicate Haiti’s strong competitive advantages under the clothing and accessories product categories.
Products Generating Haiti’s Worst Trade Deficits
Overall Haiti incurred an estimated -US$2.9 billion trade deficit for 2023, shrinking by -2.8% from -$3 billion in red ink one year earlier in 2022.
Below are exports from Haiti that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Haiti’s goods trail Haitian importer spending on foreign products.
- Mineral fuels including oil: -US$514.9 million (Down by -3.6% since 2022)
- Cereals: -$442.8 million (Up by 28.5%)
- Plastics, plastic articles: -$190.9 million (Down by -14.7%)
- Animal/vegetable fats, oils, waxes: -$175.8 million (Down by -16.2%)
- Cereal/milk preparations: -$169.5 million (Up by 35.3%)
- Electrical machinery, equipment: -$152.4 million (Down by -14.1%)
- Sugar, sugar confectionery: -$148.2 million (Up by 59.7%)
- Cotton: -$141.8 million (Down by -22.8%)
- Meat: -$115.6 million (Down by -8.2%)
- Salt, sulphur, stone, cement: -$111.5 million (Up by 13.8%)
Haiti has to endure highly negative net exports and therefore deep international trade deficits for refined petroleum oils and, to a lesser extent, petroleum gases under the mineral fuels-related product category.
Haitian Export Companies
Not one Haitian corporation ranks among Forbes Global 2000.
Wikipedia lists some exports-related companies from Haiti. Selected examples are shown below.
- Brasserie de la Couronne (soft drinks)
- Brasserie Nationale d’Haïti (brewery)
- Comme Il Faut (tobacco)
- Handxom (electronics)
- Rhum Barbancourt (alcoholic beverages)
- Sûrtab (computer hardware including tablets)
- Unibank (commercial bank)
In macroeconomic terms, Haiti’s total exported goods represent 2.7% of its overall Gross Domestic Product for 2023 ($38.8 billion valued in Purchasing Power Parity US dollars). That 2.7% for exports to overall GDP in PPP for 2023 compares to 3.4% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Haiti’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. Haiti’s unemployment rate averaged 14.9% for 2023, up from an average 14.8% in 2022 according to Trading Economics.
Haiti’s capital city is Port-au-Prince.
See also Aruba’s Top 10 Exports, Mexico’s Top Trading Partners, Jamaica’s Top 10 Exports and Dominican Republic’s Top 10 Exports
Research Sources:
Central Intelligence Agency, The World Factbook Central America and Caribbean: Haiti. Accessed on September 5, 2024
FlagPictures.org, Flag of Haiti. Accessed on September 5, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on September 5, 2024
International Monetary Fund, Exchange Rates selected indicators (National Currency per U.S. dollar, period average). Accessed on September 5, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on September 5, 2024
International Trade Centre, Trade Map. Accessed on September 5, 2024
Investopedia, Net Exports Definition. Accessed on September 5, 2024
Wikipedia, Gross domestic product. Accessed on September 5, 2024
Wikipedia, Jordan. Accessed on September 5, 2024
Wikipedia, List of Companies of Haiti. Accessed on September 5, 2024
Wikipedia, Purchasing power parity. Accessed on September 5, 2024