An improvement is blowing over Senegalese foreign trade. According to the latest monthly bulletin published by the National Agency for Statistics and Demography (ANSD), the country’s exports recorded a spectacular increase of 85.2% in September 2024compared to August 2024, reaching 422.7 billion FCFA. Non-monetary gold and petroleum products are positioned as the spearheads of this remarkable performance.
Gold shines brightly
Non-monetary gold posted a meteoric rise, going from 14.9 billion FCFA in August to 95.7 billion FCFA in September. This surge testifies to the vitality of the Senegalese mining sector and its growing importance in the national economy.
Oil stays the course
Petroleum products also contributed to the positive dynamic of exports, recording an increase of 68.5 billion FCFA in September, compared to 53.8 billion FCFA in August. Despite fluctuations in the global energy market, Senegal manages to take advantage of its oil resources.
Shadows on the board
However, the ANSD bulletin reveals some points for vigilance. Some key products of Senegalese exports experienced a slowdown in September 2024. Phosphoric acid, zirconium and food preparations showed a drop in their sales abroad.
Imports: caution is required
On the import side, the month of September 2024 was marked by a decline of 14.9% compared to August 2024, with a total of 544.3 billion FCFA. Purchases of crude petroleum oils, industrial machinery and automobiles notably decreased.
An improving trade balance
Despite the drop in imports, Senegal’s trade deficit persists. However, the trade balance improved in September 2024, going from -411.8 billion FCFA in August to -121.6 billion FCFA.
Business Partner Insights
Mali, Switzerland, China, Italy and Australia stand out as Senegal’s main customers in September 2024. China, France, Russia, Belgium, India and the United States are the main suppliers in the country.
The main products exported in September 2024 are :
- Crude petroleum oil (117.5 billion FCFA)
- Non-monetary gold (96.7 billion FCFA)
- Petroleum products (68.5 billion FCFA)
- Phosphoric acid (16.9 billion FCFA)
- Titanium (11.5 billion FCFA)
The main customers of Senegal in September 2024 are Mali (13.3%), Switzerland (12.0%), China (10.2%), Italy (10.2%) and Australia (9.9%) .
On the import sideSeptember 2024 recorded a decline of 14.9% compared to August 2024, standing at 544.3 billion FCFA. This decline is due to the reduction in purchases of crude petroleum oils, machines and devices for various industries, and automobiles.
Senegal’s trade balance has improvedgoing from -411.8 billion FCFA in August 2024 to -121.6 billion FCFA in September 2024.
Challenges and perspectives
The ANSD highlights the need for Senegal to diversify its exports and promote national production in order to reduce its dependence on a few products and strengthen its position on the international market.
The ANSD emphasizes that these statistics are provisional and may be revised subsequently for greater completeness.
