Senegal saw significant improvement in its external accounts in 2025, yet a substantial trade deficit persisted despite strong growth in gold exports.
In 2025, Senegal recorded a notable narrowing of its trade deficit, yet the country still faced a substantial shortfall, according to the National Agency of Statistics and Demography of Senegal. The West African nation’s gap between imports and exports stood at roughly $2.4 billion, a sharp decline from about $5.76 billion in 2024, reflecting higher earnings from commodities and continued demand abroad.
Gold Exports Drive Growth
Export income surged to nearly $10.67 billion, marking a 51% increase from $7.02 billion the previous year. Imports remained larger than exports, rising modestly to $13.09 billion from $12.89 billion, highlighting Senegal’s ongoing reliance on imported machinery, fuel, and manufactured products.
The end of the year saw a pronounced uptick in shipments, with December exports reaching $1.49 billion, more than double the $582.5 million recorded in November. The increase was largely fueled by a spike in global gold demand. Non-monetary gold shipments jumped to $372.2 million in December from $172.6 million the previous month, coinciding with record-high bullion prices.
The World Bank reported that gold prices rose around 41% in 2025, briefly exceeding $4,000 per ounce due to geopolitical concerns and safe-haven buying. Supporting this trend, the World Gold Council recorded a 67% yearly return for gold, reinforcing its critical role in Senegal’s export earnings.
Import Trends and Sector Performance
Energy exports also saw late-year gains, with crude petroleum rising to $191.4 million in December from $81.9 million in November, and refined petroleum products climbing to $162.8 million from $89.5 million. Rising global oil prices, which approached $60 per barrel, contributed to this improvement.
Other sectors, however, experienced declines: phosphate exports fell to $4.0 million from $8.8 million, and shipments of crustaceans and shellfish dropped to $11.5 million from $15.1 million.
Imports eased somewhat in December, falling to $981.2 million from $1.28 billion in November, a 23.6% decrease. This reduction was mainly driven by transport equipment imports, which plummeted to $13.1 million from $352.7 million, reflecting the irregular nature of major capital purchases. Yet other categories remained active, with refined petroleum imports rising to $189.9 million and base metals increasing to $81.0 million, indicating sustained construction and infrastructure activity.
Major export markets included Switzerland, Belgium, Mali, Spain, and the United Kingdom, while leading suppliers were China, France, Russia, India, and the Netherlands.
Although the trade deficit has narrowed, analysts caution that Senegal’s imbalance remains structural. Continued strength in gold and oil markets may help alleviate pressure on the country’s external accounts if current trends persist.