In the first half of 2025, Senegal recorded a significant improvement in its trade balance, reducing its deficit by over 760 billion CFA francs compared to the same period in 2024. This performance is mainly linked to a strong increase in exports, which has been the main driver of this economic upswing amid a global context marked by inflationary pressures and geopolitical uncertainties.

A Sharp Decline in the Trade Deficit

According to data published by the National Agency of Statistics and Demography (ANSD), the trade deficit stood at 698.2 billion CFA francs at the end of May 2025, against 1,460.6 billion CFA francs for the same period in 2024, representing a reduction of 762.4 billion CFA francs. This development reflects a reduced external imbalance, signaling a better ability of the country to export its products.

Spectacular Growth in Exports

The key to this success lies in the surge in exports, which increased by 64.5% in value over the first five months of 2025, reaching 2,325.7 billion CFA francs compared to 1,413.8 billion a year earlier. This dynamic is driven by high value-added products.

The main drivers of this growth are the petroleum and crude oil sectors, with significant increases, notably a spectacular 348% rise in crude oil exports, which went from 158.8 billion to 712 billion CFA francs. Additionally, seafood products and refined petroleum products performed well, alongside growth in exports of phosphoric acid and non-monetary gold.

Dependence on Imports Remains a Persistent Challenge

Despite this export boom, imports also increased, albeit to a lesser extent (+5.2% from January to May 2025), totaling 3,023.8 billion CFA francs compared to 2,874.5 billion. This phenomenon is largely explained by strong demand for essential goods such as rice, wheat, and refined petroleum products, which maintain significant external dependence.

This situation highlights the challenge for Senegal: strengthening its domestic production capacity to reduce import dependence while continuing to expand its exports.

Encouraging Economic Outlook

Coface forecasts a continuing reduction in the current account deficit in 2025, thanks notably to the improvement in the trade deficit driven by strong export growth. This positive signal reflects the resilience of Senegal’s economy, benefiting from a rejuvenated export sector despite an uncertain international environment.