Eswatini Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in eswatini, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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Eswatini is a small country (slightly smaller than New Jersey) with a population of 1.2 million.  It is bordered by South Africa and Mozambique.

Eswatini has a relatively diverse economy dominated by the agriculture and manufacturing sectors. Due to its small population, Eswatini has positioned itself as an export-oriented economy, tapping into several free trade blocks and customs unions.  Trade is an economic driver and represented 90.9% of GDP in 2021, one of the highest in the region.

Eswatini is currently a member state of the Common Market for Eastern and Southern Africa (COMESA 639 million people), the Southern Africa Development Community (SADC 389 million people), and the Southern African Customs Union (SACU – 69 million people). Eswatini is a member of the Common Monetary Area (CMA) of countries whose currencies are pegged to the South African Rand.

Approximately 80 percent of the country’s imports come from or through South Africa and approximately 60 percent of Eswatini’s exports are bound for its dominant neighbor. Eswatini’s imports from the United States in 2022 amounted to over $72.5 million, growing from $36.5 million in 2021 and $21.2 million in 2020. Eswatini’s exports to the U.S. in 2022 amounted to $22.4 million, down from $23.5 million in 2021, which grew from $19.5 million in 2020. Eswatini was the United States’ 165th largest supplier of goods imports in 2022. The United States had a trade surplus with Eswatini of $50.1 million in 2022.

Primary infrastructure (roads, electricity, water, and telecommunications) is relatively well developed and modern. Macroeconomic performance has continued to stagnate, with real GDP growth averaging 1.1 percent in 2023. (Central Bank of Eswatini Annual integrated report 2022/23).

Eswatini has maintained eligibility under the African Growth and Opportunity Act (AGOA) since 2017. Eswatini was chosen by the AU in 2019 as the host for the the regional headquarters of the A-ETrade Group for Southern Africa.

Eswatini is eligible to benefit from the Taiwan Allies International Protection and Enhancement Initiative Act (TAIPEI Act), U.S. legislation that allows the U.S. to provide support in various forms to countries that maintain diplomatic and/or unofficial recognition of Taiwan and support Taiwan’s participation in international forums.

The EU has established the Neighbourhood Development International Cooperation Instrument (Global Europe) that finances development cooperation with African, Caribbean, and Pacific countries from 2021 to 2027, with sub-Saharan Africa constituting a priority region.

Top five reasons U.S. companies should invest in Eswatini include:

  1. Extended market access into the region 
  2. Quality support infrastructure and utilities
  3. Stable and good industrial relations regime
  4. Skilled, English-speaking workforce
  5. Strong investor protection framework

Political Environment

For background information on the political and economic environment of Eswatini, please visit the Department of State’s website.

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