That dollar amount results from a 27.3% increase from 5 years earlier in 2019 when Senegalese exports totaled $4.18 billion.
Year over year, the overall value of Senegal’s exported goods fell by -7.1% compared to $5.73 billion during 2022.
Based on the average exchange rate for 2023, the West African CFA franc depreciated by -3.5% against the US dollar since 2019 but appreciated by 2.8% from 2022 to 2023. Senegal’s weaker local currency compared to 2019 rates makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
Senegal’s Best Exports Customers
The latest available country-specific data shows that 73.2% of products exported from Senegal was bought by importers in: Mali (22.9% of the Senegalese total), Switzerland (12.1%), India (10.2%), mainland China (4.2%), Gambia (3.5%), Ivory Coast (3.3%), Australia (3.2%), Spain (3.1%), Guinea-Bissau (2.96%), United States of America (2.93%), Guinea (2.9%) and United Kingdom (1.8%).
From a continental perspective, 46.0% of Senegal exports by value was delivered to fellow African countries while 25.6% was sold to importers located in Europe. Senegal shipped another 20.8% worth of goods to Asia.
Smaller percentages went to buyers in North America (3.7%), Oceania (3.6%) led by Australia, then Latin America (0.2%) excluding Mexico but including the Caribbean.
Given Senegal’s population of 18.2 million people, its total $5.32 billion in 2023 exports translates to roughly $300 for every resident in the West African nation. That dollar metric lags the average $320 per capita one year earlier during 2022.
Senegal’s Top 10 Exports
The following export product groups represent the highest dollar value in Senegalese global shipments during 2023 at the 2-digit Harmonized Tariff System (HTS) code level. Also shown is the percentage share each export category represents in terms of overall exports from Senegal.
- Mineral fuels including oil: US$1.1 billion (21.5% of total exports)
- Gems, precious metals: $875.5 million (16.5%)
- Fish: $491.2 million (9.2%)
- Inorganic chemicals: $443.4 million (8.3%)
- Salt, sulphur, stone, cement: $319.3 million (6%)
- Ores, slag, ash: $242.1 million (4.6%)
- Iron, steel: $190.6 million (3.6%)
- Miscellaneous food preparations: $174.5 million (3.3%)
- Fruits, nuts: $174.4 million (3.3%)
- Oil seeds: $115.9 million (2.2%)
Senegal’s top 10 exports generated almost four-fifths (78.4%) of the overall value of its global shipments.
The metals iron and steel represent the fastest grower among the top 10 export categories, up by 22.7% from 2022 to 2023.
In second place for improving export sales was the salt, sulphur, stone and cement product category via a 22.3% advance.
Senegal’s shipments of fruits and nuts posted the third-fastest gain in value, up by 19.9%.
The leading decliner among Senegal’s top 10 export categories was the inorganic chemicals category, thanks to a -42.1% year-over-year drop.
The above listed product groups are at the two-digit Harmonized Tariff System (HTS) code level.
Drilling down to the more granular four-digit HTS codes, refined petroleum oils represent Senegal’s most valuable exported product collecting 20.7% of the country’s total export revenues. In second place was unwrought gold (16.5%) trailed by phosphoric or polyphosphoric acids (8.2%), frozen whole fish (4.9%), hydraulic cements (3.3%), soups and broths (2.8%), titanium ores and concentrates (2.6%), moluscs (also 2.6%), coconuts, Brazil nuts and cashew nuts (2.5%), then unroasted ground nuts (2.1%).
Products Generating Senegal’s Best Trade Surpluses
The following types of Senegalese product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$870.3 million (Down by -6.6% since 2022)
- Fish: $429.6 million (Down by -21.9%)
- Inorganic chemicals: $375.9 million (Down by -44%)
- Ores, slag, ash: $239.5 million (Down by -23.9%)
- Salt, sulphur, stone, cement: $191 million (Reversing a -$48.7 million deficit)
- Fruits, nuts: $133.9 million (Up by 29.3%)
- Oil seeds: $90.6 million (Down by -24.3%)
- Miscellaneous food preparations: $89.1 million (Down by -13.6%)
- Meat/seafood preparations: $73.3 million (Up by 6%)
- Feathers, artificial flowers, hair: $67.2 million (Down by -1%)
Senegal has highly positive net exports in the international trade of gold. In turn, these cashflows indicate Senegal’s strong competitive advantages under the gems and precious metals product category.
Products Causing Senegal’s Worst Trade Deficits
Senegal incurred an overall -US$6.6 billion trade deficit for 2023, increasing by 2.4% from -$6.4 billion in red ink one year earlier in 2022.
Below are exports from Senegal that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Senegal’s goods trail Senegalese importer spending on foreign products.
- Mineral fuels including oil: -US$2.4 billion (Down by -14.7% since 2022)
- Machinery including computers: -$939.1 million (Up by 5.9%)
- Cereals: -$903.6 million (Down by -13%)
- Vehicles: -$721.7 million (Up by 56.8%)
- Electrical machinery, equipment: -$605 million (Up by 42.2%)
- Articles of iron or steel: -$422 million (Down by -19.3%)
- Pharmaceuticals: -$331.5 million (Up by 6.4%)
- Plastics, plastic articles: -$270 million (Down by -13.4%)
- Ships, boats: -$204.7 million (Down by -47%)
- Cereal/milk preparations: -$200.3 million (Up by 45.5%)
Senegal has highly negative net exports and therefore deep international trade deficits notably for petroleum oils (both refined and crude), coal and petroleum gases under the mineral fuels-related product category.
Senegalese Export Companies
Not one Senegalese corporation ranks among Forbes Global 2000.
Wikipedia lists export-related companies from Senegal. Selected examples are shown below.
- Dakar–Niger Railway (industrial transportation)
- Groupement Aérien Sénégalais (airliner)
- Senelec (electricity)
- Sonatel (telecommunications)
In macroeconomic terms, Senegal’s total exported goods represent 6.8% of its overall Gross Domestic Product for 2023 ($78.5 billion valued in Purchasing Power Parity US dollars). That 6.8% for exports to overall GDP in PPP for 2023 compares to 7.8% one year earlier. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Senegal’s total economic performance, albeit based on a short timeframe.
Another key indicator of an economy’s health is its unemployment rate. Senegal’s jobless rate averaged 22.3% for 2023, up from its average 21.9% unemployment rate in 2022 based on Trading Economics metrics.
Senegal’s capital city is Dakar.
See also India’s Top Trading Partners, Switzerland’s Top Trading Partners, Top African Export Countries and Rice Exports by Country
Research Sources:
Central Intelligence Agency, Country Profiles, The World Factbook. Accessed on October 3, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on October 3, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on October 3, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on October 3, 2024
International Trade Centre, Trade Map. Accessed on October 3, 2024
Investopedia, Net Exports Definition. Accessed on October 3, 2024
Wikipedia, Gross domestic product. Accessed on October 3, 2024
Wikipedia, List of Companies of Senegal. Accessed on October 3, 2024
Wikipedia, Purchasing power parity. Accessed on October 3, 2024
Wikipedia, Senegal. Accessed on October 3, 2024