In this post I am going to discuss Mali’s economy, which is
a very disheartening topic because Mali is one of the twenty-five poorest
nations in the world. Mali is
landlocked, making international trade difficult. However, Mali’s biggest trading partner is China who makes up 27.2%
of their exports per year. The
other countries that Mali exports to only represent less than 10% of total
exports each, and the majority of the export nations are in Asia. The three commodities that Mali exports most are livestock,
cotton, and gold as 80% of Mali’s population either fishes or farms. As a result, when the prices of those
commodities fluctuate, or when the country does not have good weather during
harvest season, Mali’s economic well-being suffers. Furthermore, although agricultural harvests are a staple of
their economy, Mali does not have abundant space to cultivate such harvests. 65%
of Mali’s land is desert or semi-desert but the agricultural activity that does
occur takes place by the Niger River (CIA).
A man mining for gold.
http://cdn.madamenoire.com/wp-content/uploads/2010/06/african-gold-miners.jpg
In an attempt to diversify and
protect their economy, Mali is developing their cotton and iron ore production
capabilities. Hopefully this
effort will be successful, because currently 30% of Mali’s population is
unemployed and 36.1% lives below the poverty
line. Previously, Mali made an
effort to invest in the tourism industry, but their lack of security has deterred
tourists (CIA).
Another
unfortunate factor that Mali has to deal with is that they are very dependent
on other countries for many important products that are necessary to sustain
their industries and their society overall. They import petroleum, machinery and equipment, construction
materials, foodstuffs, and textiles.
They import these goods from Senegal at 13.6% France at 11% and China at
6.8%. In addition to importing
essential goods, Mali receives financial assistance from many
international organizations including the IMF, the World Bank, and the African
Development Bank (CIA). If it was cut off from the outside world, Mali would rapidly sink into deep turmoil; Mali greatly relies on outside nations and organizations to sustain their economy.
Source: The CIA World Factbook
https://www.cia.gov/library/publications/the-world-factbook/geos/ml.html
Source: The CIA World Factbook
https://www.cia.gov/library/publications/the-world-factbook/geos/ml.html



