Senegal recorded a trade deficit of about $2.4 billion (CFA 1.3 trillion) in 2025, as the country’s import bill continued to outpace export earnings despite a surge in gold shipments.
New figures from the National Agency of Statistics and Demography of Senegal (ANSD) show export revenues climbed sharply to $10.67 billion (CFA 5.93 trillion) during the year, representing a 51% increase from $7.02 billion (CFA 3.90 trillion) in 2024.
Imports, however, remained structurally higher, rising modestly to $13.09 billion (CFA 7.27 trillion) from $12.89 billion (CFA 7.16 trillion) the previous year.
While the imbalance persisted, the scale of the deficit narrowed significantly. The 2025 shortfall marks a roughly 60% improvement compared with the $5.76 billion (CFA 3.2 trillion) gap recorded in 2024, reflecting a strong recovery in commodity exports and improved external demand conditions.
Year-end export rally
Export momentum accelerated sharply in the final month of the year, underscoring the scale of Senegal’s commodity-driven recovery.
In December alone, exports jumped to $1.49 billion (CFA 825.3 billion), more than doubling from $582.5 million (CFA 323.6 billion) in November, representing a 155% jump primarily driven by stronger gold demand. Switzerland, Belgium, Mali, Spain, and the United Kingdom remained the country’s key export destinations.
External sales of non-monetary gold rose to $372.2 million (CFA 206.8 billion) in December, up from $172.6 million (CFA 95.9 billion) a month earlier.
The increase coincided with a historic rally in global bullion prices. According to the World Bank, precious metal prices rose an estimated 41% in 2025, as gold surpassed $4,000 per ounce amid heightened geopolitical tensions and sustained safe-haven demand.
Complementing this trend, data from the World Gold Council shows gold delivered a 67% annual return in 2025, marking one of its strongest performances in decades and reinforcing its position as a critical export pillar for Senegal.
Energy exports also contributed significantly to the year-end boost. Shipments of crude petroleum oils climbed to $191.4 million (CFA 106.3 billion) in December from $81.9 million (CFA 45.5 billion) the previous month, while exports of refined petroleum products rose to $162.8 million (CFA 90.4 billion) from $89.5 million (CFA 49.7 billion). The rebound reflects firmer global oil prices, which recovered to around $60 per barrel toward the end of the year after a prolonged period of weakness.
However, not all export categories rallied. Phosphate exports declined to $4.0 million (CFA 2.2 billion) from $8.8 million (CFA 4.9 billion), while shipments of crustaceans, molluscs and shellfish fell to $11.5 million (CFA 6.4 billion) from $15.1 million (CFA 8.4 billion).
On an annual basis, December exports more than doubled compared with the same month in 2024, rising 104.1% year-on-year.
Imports fall in December
By contrast, imports moved in the opposite direction at the end of the year, easing sharply and providing temporary relief to Senegal’s external balance.
Total imports declined to $981.2 million (CFA 544.8 billion) in December, down from $1.28 billion (CFA 713.3 billion) in November, marking a steep 23.6% contraction and a 24.6% decline year-on-year.
The drop was driven largely by a collapse in purchases of transport equipment, which fell dramatically to just $13.1 million (CFA 7.3 billion) from $352.7 million (CFA 195.9 billion) in November. Such equipment purchases tend to fluctuate significantly depending on large one-off transactions, including aircraft, shipping vessels and heavy industrial machinery.
Pharmaceutical imports and purchases of sugar also slowed during the period.
However, the broader slowdown in inbound shipments was partly offset by higher fuel and industrial material purchases. Imports of refined petroleum products increased to $189.9 million (CFA 105.5 billion) from $138.6 million (CFA 77.0 billion), reflecting continued domestic energy demand.
Similarly, base metal imports rose to $81.0 million (CFA 45.0 billion) from $33.5 million (CFA 18.6 billion), pointing to sustained activity in construction and infrastructure sectors. Major suppliers remained China, France, Russia, India, and the Netherlands.
Still in the red
Despite the improvement in export earnings and a narrowing deficit, Senegal’s trade balance remains structurally negative, highlighting the country’s continued dependence on imported fuel, machinery and manufactured goods.
But like many other commodity-dependent African economies, favourable gold and oil prices are helping to ease some of the pressure, providing a pathway toward improved external stability if current trends persist.
NB: Local currency has been converted to US dollars using 556 CFA/$1 as of February 23, 2026
