Senegal’s gold exports powered a sharp improvement in the country’s external trade position in 2025, cutting the deficit by more than half despite sustained import pressure.
New data from the National Agency of Statistics and Demography show the West African nation recorded a trade shortfall of $2.4 billion in 2025. Although the balance remains negative, the figure marks a major improvement from the $5.76 billion deficit posted in 2024.
Under the leadership of President Bassirou Diomaye Faye, Senegal has leaned on commodity strength to stabilise its external accounts. Most importantly, gold exports have emerged as the backbone of the country’s 2025 trade recovery.
Gold Rally Drives Export Boom Export revenues climbed to $10.67 billion in 2025, reflecting a 51 percent increase from $7.02 billion recorded a year earlier. Meanwhile, imports edged up to $13.09 billion from $12.89 billion, underscoring Senegal’s continued reliance on fuel, machinery and manufactured goods.
However, momentum strengthened significantly toward year-end.
In December alone, exports surged to $1.49 billion, more than doubling from $582.5 million in November. Strong global demand for bullion drove much of the spike.
Shipments of non-monetary gold rose sharply to $372.2 million in December, compared with $172.6 million a month earlier. At the same time, international gold prices reached historic highs.
According to the World Bank, gold prices climbed approximately 41 percent in 2025. During the rally, bullion briefly traded above $4,000 per ounce as investors sought safe-haven assets amid geopolitical tensions.
In addition, the World Gold Council reported that gold delivered a 67 percent annual return in 2025. This performance reinforced gold’s strategic importance to Senegal’s export earnings and foreign exchange stability.
Oil Exports Add Support.
Beyond gold, energy exports strengthened toward the end of the year.
Crude petroleum shipments increased to $191.4 million in December, up from $81.9 million in November. Refined petroleum product exports also rose to $162.8 million from $89.5 million.
Firmer oil prices supported this rebound, with global crude recovering to around $60 per barrel by year-end.Nevertheless, not all sectors benefited from the upswing. Phosphate exports declined to $4.0 million from $8.8 million, while crustaceans and shellfish shipments fell to $11.5 million from $15.1 million.
Imports Ease but Structural Gap Persists.
On the import side, December offered temporary relief.
Total imports fell 23.6 percent month-on-month to $981.2 million, down from $1.28 billion in November. A steep drop in transport equipment purchases largely drove the decline. These imports plunged to $13.1 million from $352.7 million, reflecting the volatility of large capital goods orders.
Even so, domestic demand remained firm in other segments. Refined petroleum product imports climbed to $189.9 million, while base metal imports rose to $81.0 million. These increases signal ongoing infrastructure and construction activity across Senegal.
Key Trade Partners.
Switzerland, Belgium, Mali, Spain and the United Kingdom ranked among Senegal’s top export destinations. Meanwhile, China, France, Russia, India and the Netherlands led as major suppliers to the West African economy.
Although Senegal’s trade balance remains structurally negative, sustained strength in gold prices and oil markets could continue to ease external pressures in 2026 if global demand holds steady.
For now, Senegal’s gold boom stands at the centre of its economic resilience story reshaping the country’s trade outlook and reinforcing its role in the global bullion market.
