This article sets out the bilateral trade figures, the main goods traded, Indian investment in Madagascar, customs cooperation and the trade promotion activity recorded in the MEA bilateral brief of April 2026. All figures are those given in the brief and describe the position at the time it was prepared.

Bilateral trade figures

According to the MEA brief of April 2026, bilateral trade in the last five years was as follows. Figures are in US$ million, and the brief gives DGFT as the source.

  • 2020-21: India's exports 324.22, India's imports 80.14, total trade 404.36
  • 2021-22: India's exports 351.26, India's imports 144.06, total trade 495.31
  • 2022-23: India's exports 525.38, India's imports 129.49, total trade 654.87
  • 2023-24: India's exports 231.91, India's imports 191.53, total trade 423.44
  • 2024-25: India's exports 268.80, India's imports 186.94, total trade 455.74

As of the brief, 2024-25 is the latest year shown, with total trade of US$ 455.74 million.

Goods traded

The brief lists cloves, black-eyed peas, vanilla, graphite, cocoa beans and essential oils as the major products imported by India from Madagascar. The major products exported by India to Madagascar are rice, pharmaceuticals, cotton fabrics, ceramic tiles and cane sugar, among others.

Tariff preferences

As a Least Developed Country, Madagascar benefits from India's Duty-Free Preferential Tariff Scheme on about 98.2% of India's tariff lines.

Indian investment in Madagascar

The brief states that the major investments by Indian companies were in the mining, oil and gas, telecom and health sectors. Airtel is a major player in the mobile telephone sector, while Dr. Aggarwal's Eye Hospital and Mahindra function in the health and automobile sectors respectively.

A UK based company, "Tirupati Carbons & Chemicals Ltd.", owned by an Indian national, has set up a Graphite processing facility in Brickaville (Atsinanana Region).

Customs cooperation

An India-Madagascar Agreement on Cooperation and Mutual Administrative Assistance in Customs Matters was signed on 27 June 2024, on the sidelines of the Council of the World Customs Organization (WCO) in Brussels (Belgium). The signatories were the Chairman of the Central Board of Indirect Taxes and Customs, Shri Sanjay Kumar Agarwal, and the Director General of Malagasy Customs, Dr. Lainkana Zafivanona Ernest. The agreement came into effect on 2 November 2024, after the completion of internal legal procedures on both sides.

Trade promotion events

The Embassy of India in Antananarivo has organised a series of events to promote trade, investment and tourism, several of them in Madagascar's regions. The brief records the following, most recent first:

  • 15 December 2025: a special session on promotion of trade and tourism in Antananarivo, held with the Federation of Chambers of Commerce & Industry of Madagascar and members of the Indian and Malagasy business community
  • 31 July 2025: the "India-SADC Business Forum" in Antananarivo, coinciding with the visit of an Indian business delegation from FICCI for the SADC Industrialization Week in Madagascar
  • 13 June 2025: an event in Morondava to promote trade-economic cooperation between India and the Menabe Region, attended by the Governor of Menabe, H.E. Mr. Randriantsoa Serge Lucky
  • 11 February 2025: a Trade-Investment Promotion event in Antananarivo, which coincided with the visit of a 10-member business delegation from the Confederation of Indian Industry
  • 19 December 2024: an event in Antsiranana on trade-economic cooperation between Indian States and the Diana Region
  • 18 September 2024: an event in Nosy Be to promote tourism and trade cooperation with the Diana region
  • May 2024 and July 2024: similar events in Mahajanga (Boeny Region) and Antsirabe (Vakinankaratra Region) respectively
  • 29 February 2024: an event in Antananarivo to promote cooperation between Indian States and Madagascar, organised with the Ministry of Foreign Affairs of Madagascar
  • December 2023: a State promotion event in Antsiranana (Diana Region)
  • February 2022: a Tourism Promotion Event in Antananarivo
  • December 2021: a webinar and virtual Business-to-Business meetings on opportunities in health care and pharmaceuticals, held with the Pharmaceuticals Exports Promotion Council of India (Pharmexcil)

The India-SADC Business Forum was attended by the then Minister of Industrialization and Trade H.E. Mr. David Herizo Ralambofiringa, the Director General of the Economic Development Board of Madagascar Mrs. Josielle Rafidy, and the incoming Chairperson of the SADC Business Council Dr. Gervais Atta. The February 2025 event in Antananarivo was attended by the then Minister of Transport and Meteorology H.E. Mr. Valery Ramonjavelo and the then Secretary General of the Ministry of Foreign Affairs Mr. Eric Ratsimbazafy.

Food processing

The then Minister of Agriculture of Madagascar H.E. Mr. Sergio Francois Hajarison took part in "World Food India-2024", held in New Delhi from 19-22 September 2024. He held a bilateral meeting there with the Minister of Food Processing Industries Shri Chirag Paswan.