In 2024, Senegal recorded a positive dynamic in its gold sector, particularly in terms of exports. Indeed, over the entire year 2024 (cumulative 12 months), the total value of industrial gold exports in Senegal amounted to 588.502 billion FCFA. According to the official figures consulted by Sika Finance, this amount represents a significant increase of 11% compared to the cumulation of the year 2023 (530.410 billion FCFA).
According to our analysts, this performance was influenced by the international context and the efforts of the Senegalese government. On the one hand, yellow metal, often perceived as a refuge value in times of economic and geopolitical uncertainty, ended the year 2024 with an annual increase of 34 %, with a course at the morning fixing in London, on December 31, of $ 2,639.
On the other hand, the structuring and supervision of the mining sector led by the government of Bassirou Diomaye Faye as soon as it came to power, including artisanal gold panning, have potentially contributed to better traceability and increased formalization of exports.
In addition, by comparing the month of December 2024 (72.593 billion FCFA) to that of December 2023 (49.963 billion FCFA), there is a sharp increase of 45.3 % of exports. Similarly, by comparing November 2024 (54.806 billion FCFA) to November 2023 (32.275 billion FCFA), a substantial increase of 69.8 % was found.
However, Switzerland remains the main country of destination for Senegalese industrial gold. Thus, in cumulation over 12 months in 2024, exports to Switzerland reached 451.407 billion FCFA, representing 76.7 % of the total exports. In addition, there is a significant increase of 19.5 % compared to 2023 (377.653 billion FCFA).
Then, Australia is the second import export market. Exports accumulated in 2024 amounted to 84.639 billion FCFA. However, this figure represents a significant drop of 16.8 % compared to 2023 (101.729 billion FCFA).
In third position, exports to the United Arab Emirates display an increase of 2.5 % in cumulative over 12 months in 2024 (51.543 billion FCFA) compared to 2023 (50.278 billion FCFA). On the other hand, exports to France are marginal, with only 305 million FCFA recorded in cumulation over 12 months in 2024, an amount identical to that of December 2024. No export had been recorded to France in 2023.
Finally, exports to Italy are also low, with 608 million FCFA in cumulation over 12 months in 2024, against 609 million FCFA in 2023, a slight drop of 0.1 %. No export was recorded in December 2024.
Sikafinance editorial staff
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