Lesotho is a small landlocked country located in Southern Africa. Despite its size, it has a thriving economy, with a significant portion of its GDP coming from international trade. Lesotho has emerged as one of the top exporters in its region. The country's strategic location and favorable trade policies have contributed to its success in the global market. In 2022, Lesotho ranks as the 129th largest exporter in the world, with a total export value of approximately $1.24 billion.
The textile and apparel industry is the largest contributor to Lesotho's export revenue, accounting for over 80% of all exports. This sector has seen significant growth over the years due to its duty-free access to key markets such as the United States under the African Growth and Opportunity Act (AGOA). Other major exports include diamonds, wool, mohair, and food products.
As of 2022, Lesotho's population stands at approximately 2.3 million people. Despite being one of Africa's smallest countries by land area, it boasts a diverse population with various ethnic groups living harmoniously together. The Basotho people make up over 99% of the population and are known for their rich culture and traditional practices.
In 2022, the country's GDP is projected to reach $3.7 billion, with a growth rate of 4%. This growth can be attributed to increased investments in infrastructure development, especially in the energy and transportation sectors. The government has also implemented various policies aimed at promoting economic diversification and reducing its dependence on traditional exports.
Textiles and apparel remain Lesotho's top exporting product in 2022. The industry provides employment for over 50,000 people, making it the largest formal sector employer in the country. Lesotho's AGOA eligibility has significantly contributed to the success of this sector by providing duty-free access to key export markets.
Other top exporting products include diamonds, which are mainly produced by small-scale miners operating in rural areas. Lesotho is known for producing high-quality diamonds that are sought after globally. Wool and mohair are also important exports, with Lesotho being one of the world's leading producers of these fibers.
South Africa remains Lesotho's top export destination, followed by the United States and Switzerland. These countries account for a significant portion of Lesotho's exports, particularly in the textile industry. However, Lesotho is continuously exploring new markets to diversify its export destinations and reduce reliance on a few key countries.
In recent years, there has been an increase in trade with other African countries such as China, India, and Nigeria. This not only helps to expand Lesotho's reach but also strengthens economic ties within the continent.
