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Trade exchanges in Senegal fell 7.6% QoQ in Q2 2023

Monday, 18 September 2023 18:24
Trade exchanges in Senegal fell 7.6% QoQ in Q2 2023

(Ecofin Agency) - Trade exchanges in Senegal amounted to $4.01 billion between April and June this year, according to the figures recently published by the Forecasting and Economic Studies Directorate (DPEE). Compared to the $4.34 billion the previous quarter, this makes a decline of 7.6%.

In detail, total imports of goods reached $2.72 billion, against nearly $3 billion in Q1 2023, following lower demand for “crude oil (-CFA69.4 billion), machinery, appliances, and engines (-CFA13.9 billion), other petroleum products (-CFA12.4 billion), and edible fruits and vegetables (-CFA5.3 billion)." Imports from WAEMU countries accounted for 1.1% of the total value of goods imports. Côte d'Ivoire remains Senegal's top supplier, accounting for an estimated 81.8% share. "Imports from this partner mainly consisted of artificial plastic materials (18.6%) and edible fruits and vegetables (13.4%)," DPEE said.

On the other hand, overall exports from Senegal reached $1.32 billion, down from $1.56 billion in the first quarter. This trend is the result of a decline in shipments of peanut products, petroleum, and fresh vegetables, the DPEE explained, revealing that the import-export coverage rate also declined by 8.3 percentage points to 52.5% during the period under review.

Exports to the WAEMU totaled 28.4% of exports during the period under review with Mali remaining the main buyer with 64% of market share. Petroleum products made up 41.6% of exports to this partner, according to DPEE.

The Forecasting Directorate estimated the trade deficit over the period at $1.07 billion, down 46% compared to $1.23 billion in the first quarter.

Let’s note that for 2023 as a whole, the International Monetary Fund has revised its economic growth forecasts for Senegal to 4.1%, down from 5.3% previously, due to "the tense socio-political situation that weighed on activity in the trade and services sectors in the first half of this year."

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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