Trade |11 March 2025
EU remained Seychelles’ main trade partner in 2023
In 2023, the European Union (EU) remained the main trade partner of the Republic of Seychelles. The EU remained the main market for the Seychelles exports as well as the main source for imports.
With the implementation of the interim Economic Partnership Agreement (iEPA) since 2011, total trade between the EU and Seychelles has increased by 82.7 %. The Seychelles continues on its recovery path and trade has exceeded pre-pandemic levels. This is the result of an analysis of trade flows carried out by the Delegation of the European Union.
Oskar Benedikt, ambassador of the European Union to the Republic of Mauritius and to the Republic of Seychelles stated: “The analysis of the 2023 trade flows that we have carried out shows that the Seychelles trade continues to improve, showing the highest figures over the last ten years and that the EU remains the first partner of the Republic of Seychelles and based on provisional data for 2024, this trend would be maintained in 2024. Even if total trade with the EU has decreased in 2023, the share of the EU in the Seychelles total exports has increased. In terms of imports, the EU is the second most important source country for the Seychelles with a share of 24.8% of the Seychelles total imports. Since the implementation of the interim Economic Partnership Agreement (iEPA) in 2012, exports from the Seychelles to the EU have increased by 73.8 % and imports from the EU to the Seychelles by 88.3 %! The deepening of the iEPA, where conclusion of our ongoing negotiations is expected in 2025, will bring further numerous growth opportunities and job creation for the Seychelles.”
Trade flows between the EU and the Republic of Seychelles in 2023:
Total trade
In 2023, according to the Seychelles National Bureau of Statistics, the Seychelles total trade was valued at €1.72 billion, representing a slight increase of +2.5% when compared to 2022 (€1.68 billion). Total trade in 2023 is the highest when compared to the previous ten years, an increase driven by higher imports. The Seychelles trade performance for the year shows that the country is beyond the recovery path and is maintaining a continuous upward trend post the pandemic.
Again in 2023, the EU remained the main trade partner of the Seychelles with 31.8% of total trade, followed by the United Arab Emirates (28.1%), the United Kingdom (5.4%), South Africa (5.4%), India (5.3%) and China (3.4%). In terms of market share, trade with the EU has increased by 0.2% compared to 2022.
Trade with the EU was valued at €546.96 million, representing a decrease of -1.5% when compared to 2022 (€555.11million).
Among the EU, France remained the first trade partner of the Seychelles with 39.9% of total trade with the EU, followed by Italy (12.5%), Germany (8.5%), the Netherlands (3.8%) and Portugal (3.5%).
Exports
The EU remained by far the main destination for the Seychelles exports, with a share of 62% of total exports for 2023 (71.7% in 2022). However, exports to the EU, amounted to €200.17 million in 2023, representing a decrease of -12.4% when compared to 2022 (€228.46 million).
Among the EU, France was the main recipient, with a share of 58.2% of the Seychelles exports to the EU, followed by Italy (18.8%), Germany (12.8%), Spain (2.7%) and the Netherlands (2.6%).
Main exports to the EU in 2023 were canned tuna (92.6%); prepared or preserved fish (1.5%) and fresh and frozen fish (0.5%).
61.2% of total canned tuna exported to the EU in 2023 went to France, 20.1% to Italy and 11.8% to Germany. 75.5% of prepared and preserved fish exported to the EU in 2023 went to Spain. 58.4% of the fresh and frozen fish that was exported to the EU went to Spain, 22.7% to Germany and 15% to France.
Imports
In 2023, the EU had a share of 24.8% of the Seychelles total imports (24.1% in 2022). Imports from the EU amounted to €346.79 million representing an increase of +6.2% in 2023 when compared to 2022 (€326.65 million).
France was the main supplier with a share of 29.1% of the Seychelles imports from the EU, followed by Italy (8.7%), Germany (6%), Portugal (5.2%) and the Netherlands (4.5%).
Main imports from the EU in 2023 were fresh and frozen fish (32%); machinery and mechanical appliances (8.7%); floating structures such as inflatable rafts, buoys and beacons (8.1%); cans, boxes and containers of iron and steel (6.6%); paper, paperboard and articles of paper pulp (4.9%); electric machinery and equipment (4.2%).
62.5% of the fresh and frozen fish that were imported from the EU came from Spain and 36.8% from France.
The positive impact of the interim Economic Partnership Agreement (iEPA):
a) On EU-Seychelles trade:
Trade with the EU has maintained an upward trend over the last ten years with a few dips as it can be seen in table 2 below. Trade between the EU and the Seychelles increased by +82.7% since 2011,
year prior to the Eastern and Southern Africa EPA implementation.
The Seychelles exports to the EU increased by +73.8% since 2011, faster than total exports (+70.3%). Imports from the EU increased by +88.3% since 2011, slower than total imports (+93.3%).
b) On intra ESA5 trade:
In addition, a trend analysis, based on the data from the International Monetary Fund Department of Trade Statistics (IMF DOTS), was carried out to assess whether the iEPA has had an impact on trade among the ESA5 countries (the Comoros, Madagascar, Mauritius, the Seychelles and Zimbabwe). The collected data shows an upward trend in trade between the ESA4 countries (the Comoros, Madagascar, Mauritius and Zimbabwe) and the Seychelles since the implementation of the iEPA.
In 2023, trade between the Seychelles and the ESA4 was valued at €44.94 million, representing a slight increase of +1.4% when compared to 2022 (€44.31 million). The ESA4 had a share of 2.6 % of the Seychelles total trade in 2023 (same as in 2022).
Taking aside the exceptional year in 2011 due to very high exports, trade between the Seychelles and the ESA4 has increased since 2012 by 33.7%, with a dip in 2016 and 2020.
Among the ESA4, the main trade partner of the Seychelles in 2023 remains Mauritius with a share of 94.7%. Madagascar was far behind with 5%. Zimbabwe and the Comoros each had a negligible share of 0.3% and 0.01% respectively.
c) Success stories:
The EU Delegations have contacted companies benefiting from the interim Economic Partnership Agreement (iEPA) in the five Eastern and Southern African countries (ESA5 - The Comoros, Madagascar, Mauritius, the Seychelles and Zimbabwe) in order to assess how the trade relationship with the EU and the implementation of the iEPA has been working on the ground.
The ESA5 countries are full of varied examples of how the iEPA works across different sectors ranging from agricultural, textile, industrial, fisheries and not forgetting about the high quality products that could qualify as geographical indication products in the future.
The success stories gathered showcase products like sugars, vanilla, ylangylang, peas, moringa products, spices, canned tuna, prawns, juices and purées, rums, teas, perfumes, essential oils, anti-cancer medicines, clothing, bags, hats, accessories, jewelleries and high quality explosion proof heaters and thermostats.
These success stories were also able to demonstrate the sustainable growth and decent job created by the iEPA. Most of the companies highlighted that the exports to the EU allowed them to expand their business, hire more staff, empower women or even implement schemes with outgrowers, thus
collaborating with local communities.
All success stories completed including those of the Republic of Seychelles are centralised on the Delegation of the European to the Republic of Mauritius and to the Republic of Seychelles website at
https://europa.eu/!PmtBvT
Methodology
For the fourth year, the analysis of trade flows between the EU and Seychelles has been undertaken by the Regional Trade Section of the Delegation of the European Union to the Republic of Mauritius and to the Republic of Seychelles. The analysis of trade flows with the EU for the ESA5 group of countries (the Comoros, Madagascar, Mauritius, the Seychelles and Zimbabwe), parties to the interim Economic Partnership Agreement (iEPA) has also been undertaken.
Data for the Seychelles were sourced from the National Statistics Bureau of Seychelles, the International Monetary Fund Department of Trade Statistics, EU Trade Statistics (IMF DOTS) and the United Nations
Conference on Trade and Development (UNCTAD) Foreign Direct Investment (FDI) Statistics (Year 2023, World Investment Report 2024).
Background
What is the interim Economic Partnership Agreement (iEPA)?
The EU concluded the interim Economic Partnership Agreement (iEPA) negotiations with six countries from the Eastern and Southern African (ESA) region (the Comoros, Madagascar, Mauritius, the Seychelles, Zambia and Zimbabwe) at the end of 2007. The agreement was signed in August 2009 by four countries namely Madagascar, Mauritius, the Seychelles and Zimbabwe and has been applied by the four countries since May 2012. The Comoros ratified the agreement in February 2019 and began applying it immediately.
Under the iEPA, ESA5 (the Comoros, Madagascar, Mauritius, the Seychelles and Zimbabwe) exports to the EU do not face any tariff or quantitative barriers, as the EU has immediately liberalised 100% of its market for exports from these five countries. In exchange, the ESA5 countries have progressively opened up a large part of their market over a 10-year transition period and the percentage of liberalised tariff lines varies from 97.5% for the Seychelles, 96% for Mauritius, 87% for Zimbabwe, 86% for
Madagascar, and 80% for the Comoros.
The deepening of the iEPA
In 2017, four Eastern and Southern African (ESA4) countries (Mauritius, Madagascar, the Seychelles and Zimbabwe) requested negotiations on upgrading this Agreement (commonly referred to as “deepening”). Article 3 of the Agreement stipulates that both parties will complete negotiations on all outstanding issues (listed in Article 53) with a view to have a comprehensive EPA. On October 2, 2019, the EU started negotiations with the ESA5 countries to deepen the existing Economic Partnership
Agreement. The negotiations are expected to conclude in 2025. The next round of negotiations will be held in March 2025.
The deepened iEPA or full EPA will include:
• rules of origin;
• customs and trade facilitation;
• sanitary and phytosanitary measures;
•technical barriers to trade;
• trade defence mechanism/trade remedies;
• trade in services, investment liberalisation and digital trade;
• transparency in public procurement;
• intellectual property rights;
• trade and competition;
• trade and sustainable development;
• agriculture;
• fisheries and aquaculture;
• dispute avoidance and settlement;
• institutional structure; and
• economic and development cooperation.
The future agreement will be the EU’s first modern and comprehensive free trade agreement (FTA) with the Sub-Saharan Africa. It will contribute to achieving the objectives of the new Africa-Europe Alliance for Sustainable Investment and Jobs.
Press release from the EU