Senegal flag Senegal: Economic and Political Overview

Foreign trade figures of Senegal

Foreign Trade in Figures

Senegal is an open economy where foreign trade accounts for 71% of its GDP (World Bank's latest available data). Senegal is a member of the Economic Community of West African States, and the country has trade agreements with several countries, including the EU, the United States, Switzerland, South Korea, Japan, and Australia. Given its growing influence in the African continent, China has become an increasingly important partner of Senegal. The country’s trade policies are designed to help reduce the trade deficit, ensure regular supplies to the domestic market, promote local value chains, strengthen the regional integration process and access to international markets and promote competition. Under the Emerging Senegal Plan, the government seeks to deepen regional integration by further developing the infrastructure network; eliminating barriers to the free movement of persons, goods, and services; and developing intra-community trade. According to Comtrade, in 2023, the country’s main exports were petroleum oils (17.8%), gold (16.3%), diphosphorus pentaoxide and phosphoric acid (13.2%), frozen fish (4.8%), and molluscs (3.8%); while imports were led by petroleum oils (27.9%), rice (4.6%), wheat and meslin (3.1%), and light-vessels, fire-floats, dredgers, floating (3.1%).

In 2023, Senegal's exports were primarily directed towards the African continent (43.7%), Europe (24.6%), and Asia (19.4%). Despite the trade agreement related to AGOA and the diversification of exports, the share for the Americas remains low (3.8%) compared to the top three destinations. On a country level, the main export destinations in 2023 were Mali (19.9%), India (15.2%), Switzerland (11.6%), China (4.0%), Australia (3.9%), and Spain (3.6%); whereas imports came chiefly from China (10.0%), France (9.2%), India (7.5%), Belgium (6.3%), and Spain (6.1% - data Comtrade). The main continents that supplied Senegal remained Europe (44.6%) and Asia (30.5%). They are followed by Africa (16.8%), the Americas (6.3%), and Oceania (0.4% - data ANSD).

Senegalese foreign trade is characterized by a structural current account deficit, which historically represents more than 10% of GDP. However, offshore oil production should help narrow the deficit in the medium term. In 2023, imports of goods decreased to USD 11 billion (-8.3% y-o-y) while exports of goods stood at USD 5.43 billion (-6.9% y-o-y – WTO). The overall trade balance was estimated to be in deficit by 25% of GDP by the World Bank (from 26.3% one year earlier). According to preliminary figures from the ANSD, in the period Jan-Sep 2024, exports totalled XOF 2,696 billion against XOF 5,164 billion in imports.

 
Foreign Trade Values 20192020202120222023
Imports of Goods (million USD) 8,1447,8129,69912,06511,064
Exports of Goods (million USD) 4,1793,9295,2025,7105,313
Imports of Services (million USD) 1,8612,6423,7893,562n/a
Exports of Services (million USD) 1,4088741,2891,186n/a

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20192020202120222023
Foreign Trade (in % of GDP) 64.260.069.480.071.0
Trade Balance (million USD) -2,880-2,797-2,998n/an/a
Trade Balance (Including Service) (million USD) -3,334-4,564-5,498n/an/a
Imports of Goods and Services (Annual % Change) 6.87.016.012.44.6
Exports of Goods and Services (Annual % Change) 14.7-13.222.53.56.6
Imports of Goods and Services (in % of GDP) 39.339.344.753.248.0
Exports of Goods and Services (in % of GDP) 25.020.724.626.923.0

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20242025 (e)2026 (e)2027 (e)2028 (e)
Volume of exports of goods and services (Annual % change) 14.317.68.36.77.2
Volume of imports of goods and services (Annual % change) -1.2-5.17.75.67.2

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Senegal is a member of the Economic and Monetary Union of Western Africa (UEMAO) and also adheres to the Franc Zone
 

Main Partner Countries

Main Customers
(% of Exports)
2022
Mali 19.9%
India 15.2%
Switzerland 11.6%
China 4.0%
Australia 3.9%
See More Countries 45.4%
Main Suppliers
(% of Imports)
2022
China 10.0%
France 9.2%
India 7.5%
Belgium 6.3%
Spain 6.1%
See More Countries 61.0%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

5.7 bn USD of products exported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 17.8%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 16.3%
Diphosphorus pentaoxide; phosphoric acid;...Diphosphorus pentaoxide; phosphoric acid; polyphosphoric acids, whether or not chemically defined 13.2%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304) 4.8%
Molluscs, fit for human consumption, even smoked,...Molluscs, fit for human consumption, even smoked, whether in shell or not, live, fresh, chilled, frozen, dried, salted or in brine; flours, meals and pellets of molluscs, fit for human consumption 3.8%
See More Products 44.0%
12.1 bn USD of products imported in 2022
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 24.2%
RiceRice 4.6%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 3.7%
Wheat and meslinWheat and meslin 3.1%
Light-vessels, fire-floats, dredgers, floating...Light-vessels, fire-floats, dredgers, floating cranes, and other vessels the navigability of which is subsidiary to their main function; floating docks, floating or submersible drilling or production platforms (excl. fishing vessels and warships) 3.1%
See More Products 61.2%

Source: Comtrade, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import-Export Flows.

 

Main Services

1.3 bn USD of services exported in 2021
27.90%
18.31%
16.58%
14.76%
12.40%
5.09%
1.86%
1.71%
0.57%
0.49%
0.19%
0.15%
3.8 bn USD of services imported in 2021
38.56%
34.07%
11.63%
5.28%
3.74%
3.07%
1.73%
0.80%
0.43%
0.38%
0.27%
0.04%

Source: United Nations Statistics Division, 2024. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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Latest Update: May 2025