According to allcitypopulation, the Ivory Coast, also known as Côte d’Ivoire, is a country located in West Africa along the Gulf of Guinea. It shares borders with Liberia, Guinea, Mali, Burkina Faso and Ghana. The country has a total area of 322,463 square kilometers and a population of 25.5 million people. According to Petwithsupplies, the capital city of Ivory Coast is Yamassoukro with a population of 286,000 (2014 census). Other major cities include Abidjan (real capital) (4,400,000), Bouaké (608,000), Daloa (319,000), Korhogo (282,000) (2014 census).
Ivory Coast has a tropical climate with two distinct seasons: the dry season from November to March and the wet season from April to October. The country experiences two rainy seasons with an average annual rainfall of 1,200 mm (47 in).
The economy of Ivory Coast is largely based on agriculture which accounts for 40% of GDP and employs around 70% of the workforce. Coffee and cocoa are the main export crops while rice, maize, cassava and plantains are important food crops for domestic consumption. Other sectors such as manufacturing, mining and services have been growing in recent years due to government reforms and foreign investment.
Ivory Coast has one of the most developed infrastructure networks in West Africa with over 830 km (515 mi) of paved roads connecting major cities including Abidjan, Yamoussoukro and Bouaké. The country also has several airports including Félix Houphouët-Boigny International Airport in Abidjan which serves as a hub for Air Côte d’Ivoire as well as other international airlines such as Air France and Turkish Airlines.
The government is committed to promoting economic growth by encouraging foreign investment through various incentives such as tax exemptions for companies investing more than $1 million USD in Ivory Coast over five years or creating at least 50 jobs within three years after establishment; duty-free imports on certain raw materials used for production; reduced corporate taxes; reduced capital gains taxes; preferential access to land; etc.
Ivory Coast has seen significant economic growth since 2000 due to increased investment in infrastructure projects such as power plants, roads and ports which have helped attract foreign investors into the country’s various sectors including manufacturing industries like textiles & garments; wood products & furniture; pharmaceuticals & chemicals; agro-industries such as sugar refining & cocoa processing; oil refining & petroleum products manufacturing; etc., all contributing to its rapid economic development over the last decade or so.
Foreign Trade of Ivory Coast
Ivory Coast is an important participant in the global economy and foreign trade plays a major role in its economic development. The country has a diverse export base, with cocoa, coffee, timber, cotton, cashew nuts and palm oil being the main commodities exported to international markets. In 2017, Ivory Coast’s exports totaled US$10.4 billion with exports of cocoa beans accounting for about one-third of the total value of exports. Other important export items include coffee beans (13%), timber (8%), palm oil (6%), and cotton (4%).
The main destinations for Ivory Coast’s exports are the European Union countries which accounted for 51% of total exports in 2017 followed by China (17%), India (9%), Nigeria (8%) and Burkina Faso (2%). Ivory Coast’s imports totaled US$7.5 billion in 2017 with capital goods making up the largest share at 24%. Other important imports include consumer goods such as food products and beverages at 15%, transport equipment at 14%, petroleum products at 12%, chemicals at 8% and industrial raw materials such as wood pulp and plastics at 7%.
The main sources of Ivory Coast’s imports are France which accounted for 22% of total imports in 2017 followed by China (18%), Belgium (14%) and Nigeria (7%). The country also has several free trade agreements with regional countries such as Ghana, Benin, Burkina Faso, Guinea-Bissau and Togo under the West African Economic & Monetary Union which allows for duty-free trade between member states on certain goods including textiles & garments; agricultural products; minerals & ores; chemicals; etc. Ivory Coast also has preferential access to markets in Europe under the Cotonou Agreement which provides duty-free access to some EU markets for certain manufactured goods from ACP countries including Ivory Coast.
In recent years, there have been several initiatives taken by the government to promote foreign trade such as setting up special economic zones offering incentives such as tax exemptions on profits earned from export activities or lower corporate taxes on income derived from export activities within these zones; providing technical assistance to small businesses involved in exporting activities; launching programs aimed at increasing competitiveness of local industries through training & capacity building programs; providing financial assistance to exporters through various credit lines & loan schemes etc., all contributing towards promoting foreign trade in Ivory Coast.
Major Trading Partners of Ivory Coast
Ivory Coast is a West African nation, bordering the Gulf of Guinea. It has a population of over 25 million people and is the world’s leading producer of cocoa beans. With its strategic location and abundant natural resources, Ivory Coast has become a major trading partner for many countries around the world.
The European Union (EU) is one of Ivory Coast’s major trading partners, accounting for 51% of total exports in 2017. France is the largest trading partner with 22% of imports coming from this country. Other important EU partners include Germany, Belgium, Italy and Spain. China is another major trading partner with 17% of exports going to this country in 2017. Other important non-EU partners include India (9%), Nigeria (8%) and Burkina Faso (2%).
In terms of imports, capital goods make up the largest share at 24%. These include machinery & equipment as well as vehicles & parts. Consumer goods such as food products and beverages account for 15%, while transport equipment makes up 14%. Petroleum products make up 12%, chemicals 8% and industrial raw materials such as wood pulp and plastics 7%. Major sources for these imports include France (22%), China (18%), Belgium (14%) and Nigeria (7%).
The government of Ivory Coast has taken several initiatives to promote foreign trade in recent years, such as setting up special economic zones offering incentives such as tax exemptions on profits earned from export activities or lower corporate taxes on income derived from export activities within these zones; providing technical assistance to small businesses involved in exporting activities; launching programs aimed at increasing competitiveness of local industries through training & capacity building programs; providing financial assistance to exporters through various credit lines & loan schemes etc., all contributing towards promoting foreign trade in Ivory Coast. The country also has several free trade agreements with regional countries such as Ghana, Benin, Burkina Faso, Guinea-Bissau and Togo under the West African Economic & Monetary Union which allows for duty-free trade between member states on certain goods including textiles & garments; agricultural products; minerals & ores; chemicals; etc., providing additional opportunities for Ivory Coast to benefit from international trade.
Major Imports and Exports of Ivory Coast
Ivory Coast is a major exporter of commodities, particularly agricultural products. The country’s main exports include cocoa beans, coffee, cashews, palm oil, rubber and timber. Cocoa is the largest export product, accounting for approximately 40% of the country’s total exports in 2017. Coffee exports account for about 15% of total exports while cashews account for 9%. Other important agricultural exports include cotton (6%), bananas (5%) and pineapples (3%).
In terms of imports, Ivory Coast relies heavily on capital goods such as machinery & equipment and vehicles & parts. These items make up the largest share at 24%, followed by consumer goods such as food products and beverages which account for 15%. Transport equipment makes up 14%, petroleum products 12%, chemicals 8% and industrial raw materials such as wood pulp and plastics 7%. Major sources for these imports include France (22%), China (18%), Belgium (14%) and Nigeria (7%).
The government has taken several initiatives to promote foreign trade in recent years, such as setting up special economic zones offering incentives such as tax exemptions on profits earned from export activities or lower corporate taxes on income derived from export activities within these zones; providing technical assistance to small businesses involved in exporting activities; launching programs aimed at increasing competitiveness of local industries through training & capacity building programs; providing financial assistance to exporters through various credit lines & loan schemes etc. The country also has several free trade agreements with regional countries such as Ghana, Benin, Burkina Faso Guinea-Bissau and Togo under the West African Economic & Monetary Union which allows for duty-free trade between member states on certain goods including textiles & garments; agricultural products; minerals & ores; chemicals etc., providing additional opportunities for Ivory Coast to benefit from international trade.
Overall, Ivory Coast has made great strides in developing its foreign trade sector. With strong government support and a number of free trade agreements in place with its neighbors, it is well positioned to continue growing its exports in the coming years.