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Ethiopia's Recent Trade Performance: A Data Pack and Some Observations
Ethiopia's Recent Trade Performance: A Data Pack and Some Observations
Ethiopia's Recent Trade Performance: A Data Pack and Some Observations
• EU markets, rather than the US or China, are driving Ethiopia’s export growth.
The Netherlands became the biggest buyer of Ethiopian exports in FY 2019-20,
absorbing $308mn or 10 percent of total exports. Together with Switzerland and
Germany, these three European nations increased their purchases of Ethiopian
goods by over $300mn last year, equivalent to the entire export increase (from
$2.66bn to $2.99bn) in the same period. By contrast, demand from the US and
China fell sharply in 2019-20, by more than 25 percent in each case, though both
had been the no. 1 buyer of Ethiopian exports in recent years.
• Export mix: The shift in Ethiopia’s top export markets reflects a gradually
changing product mix, especially the sharp rise in gold exports (now 7 percent Top Ten Export Markets: FY 2019-20, USD mns
of total exports, all purchased by Switzerland) as well as in flower exports (14 Netherlands 308
percent of total and mostly going to the Netherlands). The exceptional rise in Somalia 231
gold exports was helped by policy reforms at the central bank, while the jump in United States 212
rose exports, besides revealing large expansions at several companies, is also a Saudi Arabia 207
Switzerland 199
very positive reflection of the well established air cargo services that—thanks to Germany 161
Ethiopian Airlines—allow for the delivery of roughly 5mn rose stems to the UAE 124
Dutch cut-flower auctions on a daily basis. The modest performance of Djibouti 118
Japan 113
manufactured goods (textiles, leather) explains the fall in exports to the US, the Israel 102
primary buyer in this category, while reduced exports of oilseeds (sesame) this 90 140 190 240 290
• Exports vs other fx inflows: Total fx inflows into Ethiopia were $20bn last year,
by our estimates, illustrating the still low (15%) contribution of goods exports to Top Ten Import Sources: FY 2019-20, USD mns
overall fx inflows. Other significant fx sources include services (~$4.7bn in 2019-
China 3,612
20), remittances (~$4.7bn), grants (~$1.5bn), loans (~$2.7bn), and FDI ($2.4bn). India 1,089
Kuwait 1,087
• Export outlook: We project exports of $3.4bn for this year, or 14 percent United States 1,071
Turkey 612
growth, on expectations of large volume increases for gold (alongside UAE 547
favourable global prices), another good year anticipated for coffee shipments Saudi Arabia 457
(per industry sources), and continued strong performance in the Morocco 425
Ukraine 339
roses/horticulture sector (which is benefiting from large new investment into Germany 296
greenhouse expansions). Export figures so far in the fiscal year are encouraging 200 1,200 2,200 3,200
(e.g. for gold and coffee) and suggest that a 14 percent growth forecast may turn
out to be too conservative; the Government forecasts $3.9bn in exports for the
fiscal year, or growth of more than 25 percent.
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
• China still dominant: China continues to be the leading origin for Ethiopia’s
imports—as has been the case for the last 18 years. Around a quarter of
Ethiopia’s total imports, or $3.6bn, are sourced from China, and the share is
even larger if looking at just non-oil imports. Other leading sources of imports
are India, Kuwait, United States (all roughly $1.1bn each) and Turkey ($612mn).
• Imports of Capital Goods and Consumer Goods now nearly the same: Based on
an end-use classification of imports, imports of capital goods and consumer
goods were each near $4bn last year—and together accounted for 60 percent
of total imports. Though both have shrunk relative to GDP, capital goods imports
have shown a relatively sharper fall over the years—from 11 percent of GDP five
years ago (when overall investment was 39 percent of GDP) to just 4 percent of
GDP last year (when the ratio was close to 34 percent of GDP).
• Import outlook: With respect to import trends, we believe the steady decline
seen over the past several years will be reversed this fiscal year, and expect
some moderate growth in USD terms. A significantly larger government budget
(including stepped-up allocations for capital expenditure and mega projects),
strong private sector construction sector demand, and still-high exceptional
import requirements in areas such as wheat and other foodstuffs will lead to
positive growth in imports, in our view. We project import growth of 7 percent
for the year, somewhat above the Government’s expectations of 4.5 percent.
2
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
3
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Table 1B: Exports by country ranked by level change in FY 2019-20 (USD mn) Table 1C: Exports by country ranked by percent change in FY 2019-20 (USD mn)
Export Destination 2017-18 2018-19 2019-20 Level Chg Export Destination 2017-18 2018-19 2019-20 % Chg
1 Switzerland 101.0 1.4 198.7 197.3 1 Switzerland 101.0 1.4 198.7 14158%
2 Netherlands 191.0 213.0 308.4 95.4 2 Malaysia 1.1 3.7 232%
3 Germany 181.0 126.5 160.8 34.3 3 Pakistan 16.0 6.9 11.9 73%
4 Saudi Arabia 189.0 183.2 207.0 23.8 4 Singapore 14.0 22.9 38.8 69%
5 Belgium 73.0 61.5 80.6 19.1 5 Norway 6.0 7.4 12.2 66%
6 S.Korea 46.9 64.0 17.1 6 Netherlands 191.0 213.0 308.4 45%
7 Singapore 14.0 22.9 38.8 15.9 7 China, Taiwan 12.0 15.5 22.3 44%
8 France 32.0 20.5 28.3 7.8 8 France 32.0 20.5 28.3 38%
9 China, Taiwan 12.0 15.5 22.3 6.8 9 S.Korea 46.9 64.0 36%
10 Pakistan 16.0 6.9 11.9 5.0 10 Belgium 73.0 61.5 80.6 31%
11 Norway 6.0 7.4 12.2 4.9 11 Germany 181.0 126.5 160.8 27%
12 Malaysia 1.1 3.7 2.6 12 Saudi Arabia 189.0 183.2 207.0 13%
13 Indonesia 38.0 29.1 29.6 0.5 13 Kuwait 4.0 3.4 3.6 4%
14 Kuwait 4.0 3.4 3.6 0.1 14 Indonesia 38.0 29.1 29.6 2%
15 Sudan 103.0 68.3 68.2 (0.1) 15 Sudan 103.0 68.3 68.2 0%
16 Sweden 10.0 6.1 5.7 (0.3) 16 Israel 97.0 106.4 101.8 -4%
17 Nigeria 14.0 11.8 11.3 (0.6) 17 Nigeria 14.0 11.8 11.3 -5%
18 Russia 18.0 12.5 11.9 (0.7) 18 Sweden 10.0 6.1 5.7 -5%
19 Finland 3.0 4.9 3.6 (1.3) 19 Russia 18.0 12.5 11.9 -5%
20 Hong Kong 17.0 13.6 12.1 (1.5) 20 Japan 90.0 122.1 113.3 -7%
21 South Africa 9.0 8.6 6.9 (1.6) 21 Uae 111.0 137.5 124.4 -10%
22 Canada 18.0 16.8 14.5 (2.3) 22 Djibouti 125.0 132.2 118.4 -10%
23 Portugal 7.0 7.6 4.5 (3.1) 23 Somalia 229.0 257.9 230.7 -11%
24 Greece 11.0 7.8 4.0 (3.8) 24 Hong Kong 17.0 13.6 12.1 -11%
25 Israel 97.0 106.4 101.8 (4.6) 25 Canada 18.0 16.8 14.5 -14%
26 Spain 14.0 19.7 15.0 (4.7) 26 South Africa 9.0 8.6 6.9 -19%
27 Australia 2.0 20.6 15.0 (5.7) 27 United Kingdom 43.3 33.7 -22%
28 Kenya 41.0 22.0 14.5 (7.5) 28 Italy 57.0 57.1 44.2 -23%
29 Japan 90.0 122.1 113.3 (8.8) 29 Spain 14.0 19.7 15.0 -24%
30 United Kingdom 43.3 33.7 (9.6) 30 United States 254.0 283.2 212.5 -25%
31 Turkey 45.8 34.0 (11.8) 31 Turkey 45.8 34.0 -26%
32 Italy 57.0 57.1 44.2 (12.9) 32 Finland 3.0 4.9 3.6 -26%
33 Uae 111.0 137.5 124.4 (13.1) 33 Australia 2.0 20.6 15.0 -27%
34 Djibouti 125.0 132.2 118.4 (13.9) 34 Yemen 55.5 38.4 -31%
35 Yemen 55.5 38.4 (17.1) 35 Kenya 41.0 22.0 14.5 -34%
36 Egypt 10.0 26.4 5.2 (21.2) 36 India 63.0 89.6 56.4 -37%
37 Somalia 229.0 257.9 230.7 (27.1) 37 Portugal 7.0 7.6 4.5 -41%
38 India 63.0 89.6 56.4 (33.2) 38 China, Mainland 240.0 156.8 83.9 -46%
39 United States 254.0 283.2 212.5 (70.7) 39 Greece 11.0 7.8 4.0 -49%
40 China, Mainland 240.0 156.8 83.9 (72.9) 40 Egypt 10.0 26.4 5.2 -80%
Source: NBE and Cepheus Research compilation Source: NBE and Cepheus Research compilation
4
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Table 2: Value of Major Export items by Commodity: 2019-20 Table 3: Traditional and Non-Traditional Exports--A Decade Long View
Value
Major Commodities (USD mn) % Share
1 Coffee 855.9 28.6
2 Flowers 422.3 14.1
Traditional and Non-Traditional Exports (2010-11 to 2018-19) in USD mns
3 Oil Seeds 345.0 11.5
2,755
4 Chat 324.4 10.9 2,834 2,867
2,745
5 Pulses 234.8 7.9 2,590 2,621
2,255 2,487 2,493 2,476
6 Gold 196.5 6.6 2,356
7 Textile & Textile Products 168.9 5.7 2,192
1,755
8 Leather and Leather Products 72.0 2.4
9 Meat & Meat Products 67.4 2.3
1,255
10 Electricity 66.4 2.2
11 Fruits & Vegetables 58.8 2.0
755 474 484
12 Live Animals 54.1 1.8 340 371 406 413 375 431 367
13 Others 50.5 1.7 261
255
14 Electronics 37.9 1.3
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
15 Spices 13.9 0.5
16 Chemicals & Construction Inputs 7.9 0.3 Non-traditional exports Traditional exports
17 Natural Gum 5.2 0.2
18 Cereals and Flour 3.6 0.1
19 Bees Wax 2.1 0.1
Source: NBE and Cepheus Research compilation
TOTAL 2,987.7 100.0 Note: Non-traditional includes textiles, leather products, meat products, fruits & vegetables, electronics, and electricity exports
Traditional exports include all other export items.
Source: NBE and Cepheus Research compilation
0
2.0% -2%
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-2
09
10
11
12
13
14
15
16
17
18
19
-5% -6%
20
20
20
20
20
20
20
20
20
20
20
-10% -8%
0
0
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-2
09
10
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
-20%
Source: NBE and Cepheus Research compilation Source: NBE and Cepheus Research compilation
5
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
100
2015-16 2,868 3,196 4,420 2,008 1,391 3,269 74,120
50
2016-17 2,908 3,331 4,428 1,058 1,428 4,171 81,567
-
2017-18 2,840 4,220 5,121 953 1,226 3,723 83,970 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
(50)
2018-19 2,663 5,190 5,693 110 1,200 3,100 96,107 Exports Services Rem ittance Private transfers
2019-20 2,988 4,664 4,722 904 1,488 2,419 108,473 Grants FDI GDP
Source: NBE and Cepheus Research estimates for certain 2019-20 items. Source: NBE and Cepheus Research compilation and estimates
Source: NBE and Cepheus Research estimates for some of the FY 2019-20 items.
Source: NBE and Cepheus Research estimates for some of the FY 2019-20 items.
6
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
1. NETHERLANDS
Flowers 295.5 5. SWITZERLAND
Coffee 5.8 Gold 196.5 8. DJIBOUTI
Vegetables 4.5 Coffee 1.0 Chat 60.0
Oilseeds 0.8 Pulse 0.7 Electricity 37.6
Pulse 0.4 Flower 0.3 Vegetables 7.9
Leather and Leather Products 0.4 Food 0.1 Live Animals 2.9
Fruits 0.3 Oilseeds 0.1 Oilseeds 2.3
Textile and Garment 0.1 Beverage 0.0 Fruits 2.3
Bees Wax 0.1 Vegetables 0.0 Pulse 0.8
Flour 0.0 Mineral Products 0.0 Food 0.5
Spice 0.0 Leather and Leather Products 0.0 Beverage 0.4
Beverage 0.0 Flour 0.0 Coffee 0.2
Food 0.0 Textile and Garment 0.0 Mineral Products 0.1
Chat 0.0 Spice 0.0 Spice 0.1
Tea 0.0 Tea 0.0 Flower 0.1
Others 0.5 Others 0.0 Animal Products 0.0
TOTAL 308.4 TOTAL 198.7 Leather and Leather Products 0.0
Cereals 0.0
2. SOMALIA Flour 0.0
Chat 195.3 Textile and Garment 0.0
Vegetables 20.2 6. GERMANY Others 3.1
Live Animals 10.2 Coffee 145.8 TOTAL 118.4
Fruits 2.9 Textile and Garment 4.6
Food 0.2 Flowers 3.8
Spice 0.1 Pulse 2.1
Animal Products 0.1 Oilseeds 1.1 9. JAPAN
Beverage 0.1 Bees Wax 1.0 Coffee 80.1
Pulse 0.1 Vegetables 0.8 Oilseeds 23.2
Coffee 0.0 Fruits 0.4 Flowers 9.1
Oilseeds 0.0 Natural Gum 0.4 Bees Wax 0.5
Leather and Leather Products 0.0 Leather and Leather Products 0.2 Pulse 0.1
Tea 0.0 Chat 0.1 Leather and Leather Products 0.1
Others 1.4 Mineral Products 0.1 Textile and Garment 0.1
TOTAL 230.7 Spice 0.1 Chat 0.1
Food 0.1 Natural Honey 0.0
3. UNITED STATES Flour 0.1 Spice 0.0
Coffee 125.2 Beverage 0.0 Food 0.0
Textile and Garment 43.4 Animal Products 0.0 Vegetables 0.0
Leather and Leather Products 15.6 Cereals 0.0 Mineral Products 0.0
Flowers 12.9 Tea 0.0 Others 0.0
Oilseeds 7.2 Others 0.2 TOTAL 113.3
Food 3.9 TOTAL 160.8
Flour 0.9
Pulse 0.6
Mineral Products 0.4
Beverage 0.3
Vegetables 0.3 7. UNITED ARAB EMIRATES 10. ISRAEL
Cereals 0.3 Oilseeds 61.1 Oilseeds 83.7
Bees Wax 0.2 Meat and Meat Products 31.7 Chat 8.2
Spice 0.2 Flower 8.8 Pulse 4.8
Animal Products 0.1 Pulse 8.4 Coffee 2.9
Tea 0.0 Coffee 6.0 Cereals 0.8
Natural Honey 0.0 Food 2.4 Beverage 0.6
Natural Gum 0.0 Textile and Garment 0.9 Spice 0.3
Fruits 0.0 Fruits 0.5 Textile and Garment 0.1
Others 0.8 Spice 0.2 Flour 0.1
TOTAL 212.5 Vegetables 0.1 Food 0.1
Flour 0.1 Vegetables 0.1
4. SAUDI ARABIA Live Animals 0.1 Mineral Products 0.0
Coffee 133.1 Mineral Products 0.1 Natural Honey 0.0
Flower 38.9 Leather and Leather Products 0.0 Natural Gum 0.0
Meat and Meat Products 26.9 Chat 0.0 Others 0.0
Oilseeds 4.3 Animal Products 0.0 TOTAL 101.8
Fruits 1.9 Others 4.0
Live Animals 0.8 TOTAL 124.4
Spice 0.7
Pulse 0.2
Flour 0.1
Textile and Garment 0.0
Vegetables 0.0
Mineral Products 0.0
Cereals 0.0
Natural Honey 0.0
Others 0.1
TOTAL 207.0
7
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Country of Destination Value (USD mn) % Share Country of Destination Value (USD mn) % Share Country of Destination Value (USD mn) % Share
Germany 145.8 17.0 Netherlands 295.5 69.97 Israel 83.7 24.3
Saudi Arabia 133.1 15.5 Saudi Arabia 38.9 9.21 Uae 61.1 17.7
United States 125.2 14.6 United States 12.9 3.06 Singapore 29.7 8.6
Japan 80.1 9.4 United Kingdom 12.8 3.04 China, Mainland 28.1 8.2
Belgium 76.3 8.9 Norway 10.6 2.52 Japan 23.2 6.7
S.Korea 57.7 6.7 Japan 9.1 2.16 Turkey 7.6 2.2
Italy 31.1 3.6 Uae 8.8 2.08 United States 7.2 2.1
France 25.0 2.9 Germany 3.8 0.91 Saudi Arabia 4.3 1.3
Sudan 24.9 2.9 Italy 3.6 0.85 Hong Kong 3.7 1.1
China, Taiwan 21.9 2.6 S.Korea 3.2 0.75 Yemen 3.6 1.1
China, Mainland 16.6 1.9 China, Mainland 2.6 0.62 Djibouti 2.3 0.7
Australia 12.3 1.4 Canada 2.5 0.60 S.Korea 2.3 0.7
United Kingdom 11.9 1.4 Kuwait 2.3 0.55 Greece 1.6 0.5
Russia 7.5 0.9 Belgium 1.8 0.44 India 1.5 0.4
Canada 6.5 0.8 France 1.5 0.35 Germany 1.1 0.3
Spain 6.3 0.7 Spain 1.3 0.31 Egypt 1.1 0.3
Uae 6.0 0.7 South Africa 1.3 0.30 Netherlands 0.8 0.2
Netherlands 5.8 0.7 Singapore 1.1 0.27 Spain 0.6 0.2
Sweden 4.0 0.5 Australia 0.8 0.18 United Kingdom 0.3 0.1
Finland 3.6 0.4 Malaysia 0.5 0.12 Bulgaria 0.2 0.1
South Africa 3.0 0.4 Lebanon 0.4 0.10 China, Taiwan 0.2 0.1
Israel 2.9 0.3 Switzerland 0.3 0.07 Poland 0.2 0.1
Malaysia 2.6 0.3 Sudan 0.3 0.07 Canada 0.1 0.0
Egypt 2.2 0.3 Kenya 0.2 0.04 Italy 0.1 0.0
Greece 2.2 0.3 Thailand 0.1 0.03 Mexico 0.1 0.0
Singapore 1.8 0.2 Nigeria 0.1 0.03 Belgium 0.1 0.0
Mexico 1.8 0.2 India 0.1 0.03 France 0.1 0.0
Hong Kong 1.4 0.2 Russia 0.1 0.02 Russia 0.1 0.0
Ukraine 1.2 0.1 Ghana 0.1 0.02 South Africa 0.1 0.0
Lebanon 1.1 0.1 Uganda 0.1 0.02 Switzerland 0.1 0.0
Switzerland 1.0 0.1 Djibouti 0.1 0.02 Portugal 0.1 0.0
Turkey 0.9 0.1 China, Taiwan 0.1 0.01 Thailand 0.0 0.0
Kuwait 0.8 0.1 Hong Kong 0.0 0.01 Indonesia 0.0 0.0
Cyprus 0.7 0.1 Sweden 0.0 0.01 Somalia 0.0 0.0
Poland 0.6 0.1 Turkey 0.0 0.00 Australia 0.0 0.0
Portugal 0.5 0.1 Egypt 0.0 0.00 Uganda 0.0 0.0
Norway 0.5 0.1 Poland 0.0 0.00 Sweden 0.0 0.0
Yemen 0.4 0.0 N.Korea, Pdrk 0.0 0.00 Others 79.6 23.1
Denmark 0.3 0.0 Zembabwe 0.0 0.00 Total 345.0 100.0
Morocco 0.2 0.0 Portugal 0.0 0.00
Rumania 0.2 0.0 Others 5.1 1.21
Djibouti 0.2 0.0 Total 422.3 100.00
India 0.1 0.0
Kenya 0.1 0.0
Ireland 0.1 0.0
Bulgaria 0.0 0.0
Nigeria 0.0 0.0
Somalia 0.0 0.0
Slovakia 0.0 0.0
N.Korea, Pdrk 0.0 0.0
Czech Republic 0.0 0.0
Ghana 0.0 0.0
Austria 0.0 0.0
Ruwanda 0.0 0.0
Others 27.6 3.2
Total 855.9 100.0
8
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Country of Destination Value (USD mn) % Share Country of Destination Value (USD mn) % Share Country of Destination Value (USD mn) % Share
Somalia 195.3 60.2 India 48.4 20.6 Switzerland 196.5 100.0
Djibouti 60.0 18.5 Indonesia 27.0 11.5 Total 196.5 100.0
Israel 8.2 2.5 Turkey 22.4 9.5
Nigeria 2.7 0.8 Pakistan 11.2 4.8
Australia 1.7 0.5 Kenya 10.5 4.5 7. TEXTILES AND GARMENTS
Kenya 0.5 0.1 Sudan 9.7 4.1 Country of Destination Value (USD mn) % Share
Canada 0.3 0.1 Uae 8.4 3.6 United States 43.4 25.7
France 0.2 0.1 China, Mainland 6.0 2.6 Italy 5.9 3.5
Germany 0.1 0.0 Singapore 5.7 2.4 Germany 4.6 2.7
India 0.1 0.0 Israel 4.8 2.1 Turkey 1.8 1.1
Tanzania 0.1 0.0 Portugal 3.8 1.6 Canada 1.4 0.8
Italy 0.1 0.0 Russia 3.3 1.4 Spain 1.4 0.8
Japan 0.1 0.0 Yemen 2.9 1.3 China, Mainland 1.2 0.7
Portugal 0.0 0.0 Germany 2.1 0.9 Uae 0.9 0.5
Austria 0.0 0.0 Belgium 2.1 0.9 United Kingdom 0.9 0.5
Thailand 0.0 0.0 Bulgaria 2.1 0.9 Kenya 0.6 0.3
Pakistan 0.0 0.0 South Africa 2.0 0.9 Pakistan 0.3 0.2
South Africa 0.0 0.0 Hong Kong 1.8 0.8 Malaysia 0.3 0.2
Ireland 0.0 0.0 Italy 1.5 0.6 Mexico 0.1 0.1
Ghana 0.0 0.0 United Kingdom 1.3 0.5 France 0.1 0.1
Sweden 0.0 0.0 Canada 1.2 0.5 Israel 0.1 0.1
Belgium 0.0 0.0 Egypt 0.9 0.4 Netherlands 0.1 0.1
Spain 0.0 0.0 France 0.9 0.4 Japan 0.1 0.1
Zambia 0.0 0.0 Djibouti 0.8 0.3 Poland 0.1 0.1
Egypt 0.0 0.0 Spain 0.7 0.3 Belgium 0.1 0.0
Ukraine 0.0 0.0 Lebanon 0.7 0.3 S.Korea 0.1 0.0
S.Korea 0.0 0.0 Switzerland 0.7 0.3 Morocco 0.1 0.0
Norway 0.0 0.0 United States 0.6 0.3 South Africa 0.1 0.0
Zembabwe 0.0 0.0 Netherlands 0.4 0.2 Ghana 0.1 0.0
Netherlands 0.0 0.0 Thailand 0.3 0.1 Egypt 0.0 0.0
Hong Kong 0.0 0.0 Rumania 0.3 0.1 Norway 0.0 0.0
Turkey 0.0 0.0 Malaysia 0.2 0.1 Saudi Arabia 0.0 0.0
N.Korea, Pdrk 0.0 0.0 Hungary 0.2 0.1 Thailand 0.0 0.0
Singapore 0.0 0.0 Saudi Arabia 0.2 0.1 Australia 0.0 0.0
Malaysia 0.0 0.0 Mexico 0.2 0.1 Finland 0.0 0.0
Indonesia 0.0 0.0 Japan 0.1 0.1 Switzerland 0.0 0.0
China, Mainland 0.0 0.0 Morocco 0.1 0.0 Ruwanda 0.0 0.0
Uae 0.0 0.0 Somalia 0.1 0.0 Djibouti 0.0 0.0
Poland 0.0 0.0 Czech Republic 0.1 0.0 Indonesia 0.0 0.0
Morocco 0.0 0.0 Australia 0.0 0.0 Others 104.9 62.1
Others 56.3 17.3 S.Korea 0.0 0.0 Total 168.9 100.0
Total 324.4 100.0 Norway 0.0 0.0
Others 49.2 21.0
Total 234.8 100.0
9
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Country of DestinationValue (USD mn) % Share Country of Destination Value (USD mn) % Share
China, Mainland 24.4 33.9 UAE 31.7 47.0
United States 15.6 21.6 Saudi Arabia 26.9 39.9
Hong Kong 3.8 5.3 Hong Kong 0.3 0.5
United Kingdom 2.7 3.7 Kuwait 0.1 0.1
India 1.9 2.7 Sudan 0.0 0.1
Thailand 1.5 2.0 Egypt 0.0 0.0
Indonesia 1.3 1.8 Italy 0.0 0.0
Canada 1.2 1.6 Nigeria 0.0 0.0
Italy 1.0 1.5 South Africa 0.0 0.0
Sweden 0.7 0.9 Others 8.4 12.4
Kenya 0.6 0.8 Total 67.4 100.0
Netherlands 0.4 0.6
Rumania 0.3 0.4
Spain 0.3 0.4
Hungary 0.2 0.2 10. ELECTRICITY
Germany 0.2 0.2 Country of Destination Value (USD mn) % Share
France 0.1 0.2 Djibouti 37.6 56.6
Japan 0.1 0.2 Sudan 28.8 43.4
Turkey 0.1 0.1 Total 66.5 100.0
S.Korea 0.0 0.1
Russia 0.0 0.0
Djibouti 0.0 0.0
Uae 0.0 0.0
Poland 0.0 0.0
Zembabwe 0.0 0.0
Denmark 0.0 0.0
Ruwanda 0.0 0.0
Slovakia 0.0 0.0
Australia 0.0 0.0
China, Taiwan 0.0 0.0
Switzerland 0.0 0.0
Somalia 0.0 0.0
Nigeria 0.0 0.0
South Africa 0.0 0.0
Austria 0.0 0.0
Norway 0.0 0.0
Pakistan 0.0 0.0
Belgium 0.0 0.0
Others 15.4 21.4
Total 72.0 100.0
10
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
11
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Table 11B: Imports by country--ranked by level change in FY 2019-20 (USD mn) Table 11C: Imports by country--ranked by percent change in FY 2019-20 (USD mn)
Country of Origin 2017-18 2018-19 2019-20 Level Chg Country of Origin 2017-18 2018-19 2019-20 % Chg
1 Saudi Arabia 357.0 244.7 457.5 212.8 1 Singapore 17.0 41.7 197.0 372.2%
2 Ukraine 125.0 178.4 338.6 160.2 2 Djibouti 9.4 38.3 307.6%
3 Singapore 17.0 41.7 197.0 155.2 3 Kenya 34.0 40.6 85.4 110.0%
4 Morocco 289.0 313.8 425.3 111.5 4 Ukraine 125.0 178.4 338.6 89.8%
5 France 182.0 156.0 258.4 102.5 5 Saudi Arabia 357.0 244.7 457.5 86.9%
6 Egypt 294.0 224.2 292.3 68.2 6 China, Taiwan 46.0 52.6 89.7 70.6%
7 Kenya 34.0 40.6 85.4 44.7 7 France 182.0 156.0 258.4 65.7%
8 China, Taiwan 46.0 52.6 89.7 37.1 8 Canada 73.0 50.2 76.8 53.1%
9 Djibouti 9.4 38.3 28.9 9 Morocco 289.0 313.8 425.3 35.5%
10 Canada 73.0 50.2 76.8 26.6 10 Egypt 294.0 224.2 292.3 30.4%
11 Sweden 42.0 45.9 55.9 10.0 11 Sweden 42.0 45.9 55.9 21.8%
12 Switzerland 56.0 63.3 72.6 9.3 12 Switzerland 56.0 63.3 72.6 14.7%
13 S.Korea 236.0 180.4 186.3 5.9 13 Spain 87.0 75.8 81.0 6.9%
14 Spain 87.0 75.8 81.0 5.2 14 S.Korea 236.0 180.4 186.3 3.3%
15 Turkey 592.0 607.2 611.7 4.5 15 Indonesia 236.0 281.0 283.1 0.7%
16 Indonesia 236.0 281.0 283.1 2.1 16 Turkey 592.0 607.2 611.7 0.7%
17 UAE 533.0 550.2 546.7 -0.6%
17 Israel 68.0 25.6 23.3 (2.3)
18 China, Mainland 3846.0 3919.9 3611.5 -7.9%
18 UAE 533.0 550.2 546.7 (3.5)
19 Germany 278.0 321.7 296.4 -7.9%
19 Poland 29.0 34.0 29.1 (4.9)
20 Israel 68.0 25.6 23.3 -8.9%
20 Ireland 29.0 46.4 38.9 (7.5)
21 United Kingdom 233.0 326.4 296.3 -9.2%
21 Sudan 94.0 81.9 73.5 (8.4)
22 Sudan 94.0 81.9 73.5 -10.2%
22 Austria 66.0 36.8 23.4 (13.3)
23 India 990.0 1229.5 1088.8 -11.4%
23 Denmark 24.0 56.2 40.7 (15.4)
24 Poland 29.0 34.0 29.1 -14.4%
24 Pakistan 120.0 49.9 31.3 (18.5)
25 Netherlands 231.0 183.8 155.0 -15.7%
25 Germany 278.0 321.7 296.4 (25.3)
26 Ireland 29.0 46.4 38.9 -16.2%
26 Netherlands 231.0 183.8 155.0 (28.8)
27 United States 1197.0 1369.7 1071.0 -21.8%
27 United Kingdom 233.0 326.4 296.3 (30.2)
28 Italy 516.0 342.5 263.2 -23.1%
28 Russia 92.0 123.1 70.5 (52.6)
29 South Africa 287.0 244.3 183.9 -24.7%
29 Brazil 140.0 70.1 16.9 (53.2)
30 Denmark 24.0 56.2 40.7 -27.4%
30 South Africa 287.0 244.3 183.9 (60.4)
31 Belgium 114.0 342.5 241.5 -29.5%
31 Thailand 177.0 180.6 101.7 (79.0)
32 Kuwait 1232.0 1659.5 1086.9 -34.5%
32 Italy 516.0 342.5 263.2 (79.3)
33 Austria 66.0 36.8 23.4 -36.3%
33 Rumania 91.0 131.4 51.6 (79.8)
34 Pakistan 120.0 49.9 31.3 -37.2%
34 Belgium 114.0 342.5 241.5 (101.0)
35 Russia 92.0 123.1 70.5 -42.7%
35 India 990.0 1,229.5 1,088.8 (140.7)
36 Thailand 177.0 180.6 101.7 -43.7%
36 Malaysia 327.0 321.3 151.3 (169.9)
37 Japan 518.0 374.9 180.2 -51.9%
37 Japan 518.0 374.9 180.2 (194.7)
38 Malaysia 327.0 321.3 151.3 -52.9%
38 United States 1,197.0 1,369.7 1,071.0 (298.7)
39 Rumania 91.0 131.4 51.6 -60.8%
39 China, Mainland 3,846.0 3,919.9 3,611.5 (308.4)
40 Brazil 140.0 70.1 16.9 -75.8%
40 Kuwait 1,232.0 1,659.5 1,086.9 (572.5)
12
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
Value
Categories (USD mn) % share
Petroleum Products 2,004 14%
Cereals 843 6%
Medical & Pharmaceuticals 680 5%
Fertilizers 598 4%
Chemicals 540 4%
Textile Fabrics 395 3%
Heavy Road Motor Vehicles 187 1%
Tyres for Heavy Vehicles 133 1%
Cars & Other Vehicles 116 1%
Textile Materials 111 1%
Aircraft 66 0%
Radio & T.V. 64 0%
Tyres for cars & other vehicles 51 0%
Crude petroleum 0 0%
Others Imports 8,094 58%
29%
30% 30%
27%
26% 26%
24% 25%
25% 25%
23%
20% 20%
19% 20%
20% 18%
16% 15%
15% 13%
10% 7%
10%
5% 4%
2%
5%
0%
0% -1%
0
0
0%
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-2
-5% -3%
09
10
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
-6%
0
0
-1
-1
-1
-1
-1
-1
-1
-1
-1
-1
-2
-10%
09
10
11
12
13
14
15
16
17
18
19
-8%
20
20
20
20
20
20
20
20
20
20
20
Source: NBE and Cepheus Research compilation Source: NBE and Cepheus Research compilation
13
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
In percent of GDP 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
Total imports 27.1% 26.2% 24.1% 24.7% 25.5% 22.6% 19.4% 18.2% 15.7% 12.8%
Raw Materials 0.6% 0.5% 0.3% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.1%
Semi-finished Goods 4.0% 4.6% 4.0% 3.2% 4.0% 3.9% 3.2% 3.0% 2.9% 2.9%
Fuel 5.5% 5.0% 4.6% 3.5% 3.2% 1.8% 2.2% 2.8% 2.7% 1.9%
Capital Goods 9.1% 7.0% 8.0% 7.2% 10.7% 9.2% 7.4% 6.3% 5.2% 3.8%
Consumer Goods 7.5% 8.4% 6.7% 5.1% 7.0% 7.1% 6.0% 5.6% 4.4% 3.7%
In percent of Imports 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
Total imports 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
Raw Materials 2.2% 1.8% 1.3% 0.9% 1.0% 0.9% 0.8% 0.9% 1.0% 1.2%
Semi-finished Goods 14.9% 17.7% 16.6% 12.8% 15.7% 17.3% 16.6% 16.6% 18.4% 22.4%
Fuel 20.1% 19.2% 19.0% 14.0% 12.4% 8.0% 11.3% 15.2% 17.2% 15.0%
Capital Goods 33.4% 26.8% 33.4% 29.1% 41.8% 40.8% 38.2% 34.5% 33.3% 29.7%
Consumer Goods 27.8% 31.9% 28.0% 20.7% 27.4% 31.5% 31.0% 30.9% 28.3% 28.9%
14
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
15
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
1. Machin. & and Air Craft Value (USD mn) %Share 2. Petroleum Products Value (USD mn) %Share 3. Metal & Metal Manuf. Value (USD mn) %Share
China, Mainland 849.0 40.7 Kuwait 1086.9 54.2 China, Mainland 597.5 39.5
United States 370.2 17.8 UAE 222.1 11.1 Turkey 327.6 21.7
United Kingdom 197.9 9.5 Saudi Arabia 217.0 10.8 India 153.0 10.1
Italy 104.6 5.0 Singapore 163.9 8.2 Ukraine 132.7 8.8
Germany 93.1 4.5 India 50.1 2.5 China, Taiwan 59.1 3.9
India 66.6 3.2 Sudan 49.8 2.5 Italy 31.5 2.1
Turkey 46.0 2.2 United States 40.9 2.0 Uae 28.9 1.9
Japan 42.9 2.1 Egypt 33.7 1.7 Spain 27.3 1.8
Canada 40.7 2.0 China, Mainland 12.3 0.6 Russia 21.4 1.4
S.Korea 29.9 1.4 South Africa 6.7 0.3 Germany 12.3 0.8
Belgium 29.5 1.4 Thailand 5.8 0.3 S.Korea 12.1 0.8
Kenya 22.2 1.1 S.Korea 3.0 0.2 Canada 9.8 0.6
France 20.8 1.0 Turkey 2.3 0.1 Egypt 9.1 0.6
Poland 12.5 0.6 United Kingdom 2.3 0.1 France 7.7 0.5
Sweden 12.2 0.6 Kenya 2.0 0.1 Japan 7.3 0.5
Brazil 12.0 0.6 Belgium 1.9 0.1 United States 6.9 0.5
Spain 11.3 0.5 Hungary 1.7 0.1 Belgium 5.1 0.3
Israel 10.8 0.5 Germany 1.6 0.1 United Kingdom 4.3 0.3
China, Taiwan 9.5 0.5 Djibouti 0.7 0.0 South Africa 4.2 0.3
Netherlands 9.1 0.4 Poland 0.4 0.0 Kenya 3.3 0.2
Thailand 9.1 0.4 France 0.3 0.0 Netherlands 2.7 0.2
Singapore 8.5 0.4 Italy 0.2 0.0 Thailand 1.9 0.1
UAE 6.0 0.3 Israel 0.2 0.0 Pakistan 1.4 0.1
Austria 5.7 0.3 Pakistan 0.2 0.0 Czech Republic 1.2 0.1
Denmark 4.9 0.2 Australia 0.0 0.0 Australia 1.1 0.1
Switzerland 4.8 0.2 Spain 0.0 0.0 Saudi Arabia 0.9 0.1
South Africa 4.1 0.2 Sweden 0.0 0.0 Hong Kong 0.9 0.1
Czech Republic 3.8 0.2 China, Taiwan 0.0 0.0 Greece 0.8 0.1
Hungary 2.9 0.1 Netherlands 0.0 0.0 Poland 0.8 0.1
Mexico 2.3 0.1 Japan 0.0 0.0 Brazil 0.8 0.1
Bulgaria 1.9 0.1 Switzerland 0.0 0.0 Malaysia 0.7 0.0
Egypt 1.8 0.1 Mexico 0.0 0.0 Israel 0.6 0.0
Portugal 1.7 0.1 Indonesia 0.0 0.0 Sweden 0.6 0.0
Malaysia 1.5 0.1 Canada 0.0 0.0 Portugal 0.5 0.0
Australia 1.5 0.1 Others 97.7 4.9 Denmark 0.3 0.0
Greece 1.5 0.1 TOTAL 2003.7 100.0 Slovakia 0.3 0.0
Indonesia 1.5 0.1 Austria 0.3 0.0
Ukraine 1.4 0.1 Switzerland 0.3 0.0
Hong Kong 1.1 0.1 Hungary 0.2 0.0
Rumania 1.0 0.0 Mexico 0.2 0.0
Finland 0.7 0.0 Singapore 0.2 0.0
Saudi Arabia 0.7 0.0 Rumania 0.1 0.0
Ireland 0.7 0.0 Morocco 0.1 0.0
Pakistan 0.5 0.0 N.Korea, Pdrk 0.1 0.0
Norway 0.4 0.0 Ghana 0.1 0.0
Russia 0.3 0.0 Norway 0.1 0.0
N.Korea, Pdrk 0.2 0.0 Indonesia 0.1 0.0
Slovakia 0.2 0.0 Finland 0.0 0.0
Lebanon 0.1 0.0 Lebanon 0.0 0.0
Zembabwe 0.1 0.0 Zambia 0.0 0.0
Morocco 0.1 0.0 Sudan 0.0 0.0
Tanzania 0.0 0.0 Djibouti 0.0 0.0
Sudan 0.0 0.0 Bulgaria 0.0 0.0
Djibouti 0.0 0.0 Ireland 0.0 0.0
Uganda 0.0 0.0 Nigeria 0.0 0.0
Nigeria 0.0 0.0 Tanzania 0.0 0.0
Kuwait 0.0 0.0 Uganda 0.0 0.0
Ghana 0.0 0.0 Ruwanda 0.0 0.0
Cyprus 0.0 0.0 Others 34.4 2.3
Zambia 0.0 0.0 TOTAL 1512.5 100.0
Ruwanda 0.0 0.0
Others 23.2 1.1
TOTAL 2,085.2 100.0
16
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
4. Food and Live Animals Value (USD mn) %Share 5. Electrical Materials Value (USD mn) %Share 6. Fertilizer Value (USD mn) %Share
United States 269.1 34.4 China, Mainland 438.8 58.8 India 132.6 26.8
Ukraine 178.8 22.9 United States 75.7 10.1 France 94.5 19.1
Rumania 48.5 6.2 Italy 31.9 4.3 Belgium 84.8 17.1
Russia 42.7 5.5 India 27.2 3.6 China, Mainland 53.8 10.9
UAE 26.3 3.4 United Kingdom 25.8 3.5 Switzerland 49.3 10.0
Sudan 14.6 1.9 Turkey 19.2 2.6 Germany 11.1 2.2
Bulgaria 13.8 1.8 Germany 16.4 2.2 Turkey 7.8 1.6
France 11.7 1.5 S.Korea 11.4 1.5 Cyprus 6.5 1.3
China, Mainland 8.5 1.1 France 11.4 1.5 Netherlands 5.9 1.2
Turkey 8.4 1.1 Japan 9.3 1.2 Italy 5.4 1.1
Netherlands 7.0 0.9 Indonesia 7.8 1.0 Denmark 4.2 0.8
Canada 4.8 0.6 Canada 7.7 1.0 Saudi Arabia 3.7 0.8
India 4.6 0.6 Thailand 6.8 0.9 United Kingdom 3.2 0.7
Saudi Arabia 3.8 0.5 UAE 5.5 0.7 United States 3.1 0.6
Egypt 3.8 0.5 Singapore 4.3 0.6 UAE 3.0 0.6
Kenya 3.1 0.4 Spain 3.7 0.5 Sweden 2.7 0.5
Belgium 2.9 0.4 Netherlands 3.5 0.5 Malaysia 2.5 0.5
Italy 1.9 0.2 Kenya 3.2 0.4 Kenya 2.4 0.5
South Africa 1.9 0.2 China, Taiwan 2.9 0.4 S.Korea 2.0 0.4
Indonesia 1.4 0.2 Belgium 2.9 0.4 Egypt 1.9 0.4
United Kingdom 1.4 0.2 Sweden 2.7 0.4 Thailand 1.9 0.4
Switzerland 1.3 0.2 South Africa 2.6 0.3 Greece 1.8 0.4
Brazil 0.9 0.1 Switzerland 2.1 0.3 Spain 0.9 0.2
Denmark 0.8 0.1 Mexico 1.8 0.2 Sudan 0.6 0.1
Germany 0.7 0.1 Denmark 1.7 0.2 Ireland 0.6 0.1
Israel 0.3 0.0 Czech Republic 1.3 0.2 Portugal 0.6 0.1
Ghana 0.2 0.0 Malaysia 1.1 0.2 Australia 0.5 0.1
Spain 0.2 0.0 Poland 1.0 0.1 Indonesia 0.3 0.1
Sweden 0.2 0.0 Saudi Arabia 1.0 0.1 Tanzania 0.2 0.0
Uganda 0.2 0.0 Egypt 0.9 0.1 Rumania 0.2 0.0
Lebanon 0.1 0.0 Austria 0.9 0.1 South Africa 0.2 0.0
Thailand 0.1 0.0 Hungary 0.8 0.1 Austria 0.1 0.0
Austria 0.1 0.0 Brazil 0.7 0.1 Japan 0.1 0.0
Nigeria 0.1 0.0 Israel 0.6 0.1 Ruwanda 0.1 0.0
Australia 0.1 0.0 Hong Kong 0.4 0.1 N.Korea, Pdrk 0.1 0.0
Malaysia 0.0 0.0 Slovakia 0.4 0.1 Canada 0.1 0.0
Norway 0.0 0.0 Finland 0.3 0.0 Poland 0.0 0.0
Pakistan 0.0 0.0 Pakistan 0.2 0.0 Bulgaria 0.0 0.0
Japan 0.0 0.0 Bulgaria 0.2 0.0 Pakistan 0.0 0.0
Djibouti 0.0 0.0 Ukraine 0.2 0.0 Slovakia 0.0 0.0
China, Taiwan 0.0 0.0 Portugal 0.2 0.0 Finland 0.0 0.0
Yemen 0.0 0.0 Russia 0.1 0.0 Uganda 0.0 0.0
S.Korea 0.0 0.0 Morocco 0.1 0.0 Hungary 0.0 0.0
Zembabwe 0.0 0.0 Lebanon 0.1 0.0 Zambia 0.0 0.0
Hong Kong 0.0 0.0 Australia 0.1 0.0 Others 5.4 1.1
Somali Land 0.0 0.0 Norway 0.1 0.0 TOTAL 494.4 100.0
Mexico 0.0 0.0 Rumania 0.1 0.0
Tanzania 0.0 0.0 Greece 0.1 0.0
Singapore 0.0 0.0 Ghana 0.1 0.0
Greece 0.0 0.0 Ireland 0.0 0.0
Poland 0.0 0.0 N.Korea, Pdrk 0.0 0.0
Portugal 0.0 0.0 Tanzania 0.0 0.0
Morocco 0.0 0.0 Djibouti 0.0 0.0
Czech Republic 0.0 0.0 Zembabwe 0.0 0.0
Hungary 0.0 0.0 Zambia 0.0 0.0
N.Korea, PDRK 0.0 0.0 Uganda 0.0 0.0
Slovakia 0.0 0.0 Nigeria 0.0 0.0
Cyprus 0.0 0.0 Sudan 0.0 0.0
Zambia 0.0 0.0 Ruwanda 0.0 0.0
Ireland 0.0 0.0 Others 9.0 1.2
Finland 0.0 0.0 TOTAL 746.5 100.0
Others 117.0 15.0
TOTAL 781.4 100.0
17
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.
RESEARCH & ANALYTICS
7. Road & Motor Vehicles Value (USD mn) %Share 8. Textiles Value (USD mn) %Share 9. Rubber Prod. Value (USD mn) %Share 10. Clothing Value (USD mn) %Share
Japan 83.2 27.8 China, Mainland 187.6 67.5 China, Mainland 165.3 59.8 China, Mainland 157.2 89.7
China, Mainland 82.8 27.6 India 41.4 14.9 India 26.9 9.7 Turkey 5.8 3.3
India 40.9 13.7 UAE 9.5 3.4 UAE 11.8 4.2 India 2.5 1.4
Sweden 17.7 5.9 Indonesia 9.1 3.3 Turkey 10.5 3.8 Pakistan 2.4 1.4
Thailand 13.3 4.4 Turkey 9.1 3.3 Thailand 9.5 3.4 Thailand 1.3 0.7
Italy 13.2 4.4 Pakistan 2.9 1.0 Japan 8.4 3.0 Indonesia 1.0 0.6
United States 7.9 2.6 United States 2.8 1.0 Egypt 6.1 2.2 UAE 0.5 0.3
Spain 7.3 2.4 Kenya 2.6 0.9 Kenya 5.1 1.9 Saudi Arabia 0.5 0.3
Germany 6.8 2.3 United Kingdom 1.9 0.7 Italy 4.8 1.7 Belgium 0.5 0.3
S.Korea 4.6 1.5 Italy 1.3 0.4 S.Korea 3.4 1.2 United States 0.5 0.3
South Africa 4.4 1.5 Egypt 1.0 0.4 Indonesia 3.0 1.1 Kenya 0.4 0.2
Turkey 3.6 1.2 Thailand 0.9 0.3 Germany 3.0 1.1 United Kingdom 0.3 0.2
United Kingdom 3.2 1.1 S.Korea 0.9 0.3 Norway 2.8 1.0 Italy 0.3 0.2
Netherlands 1.3 0.4 France 0.8 0.3 United States 2.4 0.9 South Africa 0.3 0.1
Indonesia 1.2 0.4 Belgium 0.7 0.3 Israel 1.6 0.6 Egypt 0.2 0.1
France 1.1 0.4 Germany 0.7 0.3 France 1.2 0.4 Portugal 0.1 0.1
UAE 1.0 0.3 Saudi Arabia 0.5 0.2 Netherlands 0.8 0.3 Germany 0.1 0.1
China, Taiwan 0.8 0.3 Israel 0.4 0.1 Pakistan 0.8 0.3 Sweden 0.1 0.1
Belgium 0.8 0.3 Netherlands 0.2 0.1 Saudi Arabia 0.8 0.3 S.Korea 0.1 0.0
Czech Republic 0.7 0.2 Japan 0.2 0.1 Belgium 0.7 0.3 Netherlands 0.1 0.0
Switzerland 0.6 0.2 Sudan 0.2 0.1 Canada 0.7 0.3 Hong Kong 0.1 0.0
Djibouti 0.5 0.2 Australia 0.2 0.1 China, Taiwan 0.6 0.2 China, Taiwan 0.1 0.0
Brazil 0.5 0.2 China, Taiwan 0.1 0.1 South Africa 0.5 0.2 France 0.0 0.0
Canada 0.4 0.1 Canada 0.1 0.0 Malaysia 0.5 0.2 Russia 0.0 0.0
Saudi Arabia 0.3 0.1 Ireland 0.1 0.0 United Kingdom 0.4 0.2 Australia 0.0 0.0
Rumania 0.3 0.1 South Africa 0.1 0.0 Brazil 0.4 0.2 Switzerland 0.0 0.0
Poland 0.3 0.1 Malaysia 0.1 0.0 Spain 0.4 0.2 Denmark 0.0 0.0
Kenya 0.1 0.0 Poland 0.1 0.0 Hungary 0.3 0.1 Israel 0.0 0.0
Mexico 0.1 0.0 Singapore 0.1 0.0 Morocco 0.3 0.1 Japan 0.0 0.0
Russia 0.1 0.0 Nigeria 0.1 0.0 Greece 0.3 0.1 Tanzania 0.0 0.0
Pakistan 0.1 0.0 Tanzania 0.1 0.0 Switzerland 0.2 0.1 Malaysia 0.0 0.0
Norway 0.1 0.0 Spain 0.0 0.0 Sweden 0.2 0.1 Canada 0.0 0.0
Slovakia 0.1 0.0 Hong Kong 0.0 0.0 Hong Kong 0.1 0.0 N.Korea, Pdrk 0.0 0.0
N.Korea, Pdrk 0.0 0.0 Denmark 0.0 0.0 Russia 0.1 0.0 Norway 0.0 0.0
Egypt 0.0 0.0 Switzerland 0.0 0.0 Denmark 0.1 0.0 Ireland 0.0 0.0
Hungary 0.0 0.0 Sweden 0.0 0.0 Australia 0.1 0.0 Uganda 0.0 0.0
Denmark 0.0 0.0 Czech Republic 0.0 0.0 Cyprus 0.1 0.0 Nigeria 0.0 0.0
Austria 0.0 0.0 Ukraine 0.0 0.0 Czech Republic 0.1 0.0 Kuwait 0.0 0.0
Malaysia 0.0 0.0 Ruwanda 0.0 0.0 Poland 0.1 0.0 Ukraine 0.0 0.0
Australia 0.0 0.0 Austria 0.0 0.0 Austria 0.1 0.0 Greece 0.0 0.0
Israel 0.0 0.0 Slovakia 0.0 0.0 Uganda 0.0 0.0 Spain 0.0 0.0
Nigeria 0.0 0.0 Hungary 0.0 0.0 Rumania 0.0 0.0 Rwanda 0.0 0.0
Lebanon 0.0 0.0 Ghana 0.0 0.0 Slovakia 0.0 0.0 Czech Republic 0.0 0.0
Hong Kong 0.0 0.0 Norway 0.0 0.0 Portugal 0.0 0.0 Finland 0.0 0.0
Ireland 0.0 0.0 Cyprus 0.0 0.0 Finland 0.0 0.0 Lebanon 0.0 0.0
Ukraine 0.0 0.0 Portugal 0.0 0.0 Ireland 0.0 0.0 Zambia 0.0 0.0
Finland 0.0 0.0 Lebanon 0.0 0.0 Mexico 0.0 0.0 Mexico 0.0 0.0
Morocco 0.0 0.0 Uganda 0.0 0.0 Singapore 0.0 0.0 Ghana 0.0 0.0
Portugal 0.0 0.0 Russia 0.0 0.0 Lebanon 0.0 0.0 Sudan 0.0 0.0
Greece 0.0 0.0 Finland 0.0 0.0 N.Korea, Pdrk 0.0 0.0 Singapore 0.0 0.0
Tanzania 0.0 0.0 Morocco 0.0 0.0 Sudan 0.0 0.0 Poland 0.0 0.0
Bulgaria 0.0 0.0 Zambia 0.0 0.0 Kuwait 0.0 0.0 Bulgaria 0.0 0.0
Others 0.3 0.1 Greece 0.0 0.0 Zambia 0.0 0.0 Austria 0.0 0.0
TOTAL 299.6 100.0 Bulgaria 0.0 0.0 Nigeria 0.0 0.0 Djibouti 0.0 0.0
Brazil 0.0 0.0 Tanzania 0.0 0.0 Cyprus 0.0 0.0
Mexico 0.0 0.0 Ghana 0.0 0.0 Hungary 0.0 0.0
Djibouti 0.0 0.0 Ukraine 0.0 0.0 Brazil 0.0 0.0
Kuwait 0.0 0.0 Bulgaria 0.0 0.0 Rumania 0.0 0.0
Others 1.9 0.7 Djibouti 0.0 0.0 Others 0.9 0.5
TOTAL 278.1 100.0 Others 1.7 0.6 TOTAL 175.3 100.0
TOTAL 276.5 100.0
18
Disclaimer: This report represents solely the views, analysis, and judgement of the Cepheus research team and does
not necessarily reflect the views or opinions of the Fund’s Managing Partners, Advisors, or Investors.