Senegal’s external accounts showed significant improvement in 2025, as a surge in gold and oil exports helped narrow the country’s trade deficit. However, despite the gains, the country still recorded a shortfall of approximately $2.4 billion.
As reported by Business Insider Africa, citing data from the National Agency of Statistics and Demography, the deficit declined sharply from about $5.76 billion in 2024. The improvement reflects stronger commodity earnings and resilient global demand, even as imports continued to exceed exports.
Under the leadership of Bassirou Diomaye Faye, Senegal has benefited from favorable global market conditions, particularly in precious metals.
Gold Rally Drives Export Growth
Export revenues climbed to roughly $10.67 billion in 2025, marking a 51% increase from $7.02 billion the previous year. The surge was largely fueled by booming gold shipments, alongside stronger oil exports.
In December alone, exports soared to $1.49 billion, more than doubling from $582.5 million in November. Shipments of non-monetary gold jumped to $372.2 million from $172.6 million a month earlier, driven by historic gains in global bullion prices.
Gold prices climbed approximately 41% in 2025, briefly surpassing $4,000 per ounce amid geopolitical tensions and strong safe-haven demand. The rally significantly strengthened Senegal’s export performance, reinforcing gold’s growing role in the country’s trade structure.
Energy exports also supported the rebound. Crude petroleum exports rose to $191.4 million in December, up from $81.9 million in November, while refined petroleum product exports increased to $162.8 million from $89.5 million, supported by firmer global oil prices nearing $60 per barrel toward year-end.
Imports Continue to Outpace Exports
Despite the export surge, Senegal’s structural reliance on imports kept its trade balance in deficit. Total imports edged up to $13.09 billion in 2025 from $12.89 billion in 2024.
However, December offered temporary relief, as imports fell 23.6% month-on-month to $981.2 million from $1.28 billion. The decline was largely due to a sharp drop in transport equipment purchases, which fell dramatically from $352.7 million to $13.1 million.
Other import categories reflected ongoing domestic demand. Refined petroleum imports rose to $189.9 million, while base metal imports increased to $81.0 million, signaling continued activity in infrastructure and construction projects.
Outlook
Although Senegal’s trade balance remains structurally negative, sustained strength in gold and oil markets could continue easing pressure on the country’s external accounts if current trends hold.
