Gold Boom Narrows Senegal’s Trade Deficit in 2025, but Structural Imbalances Persist
Senegal Trade Deficit Shrinks to $2.4 Billion in 2025 as Gold Exports Surge 51%, Data Show
Senegal recorded a significant improvement in its external accounts in 2025, although the country continued to post a sizeable trade deficit. .
According to data from the National Agency of Statistics and Demography of Senegal (ANSD), the West African economy registered a trade shortfall of approximately $2.4 billion in 2025.
While still negative, the deficit narrowed sharply from roughly $5.76 billion in 2024, reflecting a strong rebound in export revenues and sustained external demand.
Total exports rose to $10.67 billion in 2025, marking a 51% increase from $7.02 billion the previous year. Imports, however, continued to exceed export earnings, climbing modestly to $13.09 billion from $12.89 billion in 2024.
The persistent imbalance underscores Senegal’s structural dependence on imported fuel, capital goods, machinery, and manufactured products.
December Surge Driven by Gold
Export momentum accelerated toward the end of the year. In December alone, outbound shipments surged to $1.49 billion, more than doubling from $582.5 million in November.
The spike was largely fueled by robust demand for bullion. Shipments of non-monetary gold rose to $372.2 million in December, up from $172.6 million a month earlier. The increase coincided with a sharp rally in global gold prices.
According to the World Bank, gold prices climbed approximately 41% in 2025, briefly surpassing $4,000 per ounce amid heightened geopolitical uncertainty and strong safe-haven investment flows.
Supporting this trend, the World Gold Council reported that gold delivered a 67% annual return in 2025, reinforcing its central role in Senegal’s export performance.
Energy Exports Add Momentum
Energy exports also strengthened late in the year. Crude petroleum shipments increased to $191.4 million in December from $81.9 million in November, while refined petroleum product exports rose to $162.8 million from $89.5 million.
The rebound was supported by firmer global oil prices, which recovered to around $60 per barrel toward the end of the year. The combined strength in gold and hydrocarbons provided a meaningful boost to Senegal’s export receipts in the final quarter.
Mixed Performance Across Other Sectors
Not all sectors shared in the upswing. Phosphate exports declined to $4.0 million in December from $8.8 million in November. Shipments of crustaceans and shellfish also fell, easing to $11.5 million from $15.1 million.
On the import side, December brought temporary relief. Total imports dropped to $981.2 million, down 23.6% from $1.28 billion in November.
The decline was largely driven by a sharp fall in transport equipment purchases, which plunged to $13.1 million from $352.7 million illustrating the volatility associated with large capital goods imports.
However, underlying domestic demand remained evident. Imports of refined petroleum products rose to $189.9 million, while base metal imports increased to $81.0 million, signaling continued momentum in construction and infrastructure activity.
Key Trade Partners
Switzerland, Belgium, Mali, Spain, and the United Kingdom were among Senegal’s principal export destinations in 2025. On the import side, major suppliers included China, France, Russia, India, and the Netherlands.
Outlook: Structural Deficit Remains
Despite the notable improvement in 2025, Senegal’s trade balance remains structurally negative. The country’s reliance on imported energy products, machinery, and manufactured goods continues to outweigh export earnings in most years.
Nevertheless, sustained strength in global gold and oil markets could further alleviate pressure on Senegal’s external accounts if current price and demand trends persist.
