Thies are best prospects industry sectors for this country. Includes a market overview and trade data.
Overview of Leading Industry Sectors
Total U.S-Senegalese bilateral trade has generally increased over the past 10 years. The United States generally runs a trade surplus with Senegal, with U.S. exports ranging from $200 million to $300 million over the past several years. Senegal is the United States’ 118th largest goods export market. According to U.S. Census Bureau data, in 2019 the United States exported $197 million worth of goods to Senegal, a decrease of 32 percent from 2018; imports of goods from Senegal were $131 million, an increase of 3 percent, during the same period. The U.S. trade surplus with Senegal was $65 million. The top four U.S. exports to Senegal in 2019 were passenger vehicles and parts; mineral fuels (including LNG and coal); machinery; and plastics. The top four imports from Senegal were prepared meat and fish products; wigs and artificial hair products; minerals and ores; and slag, ash, and fertilizers.
Senegal is a beneficiary of the U.S. African Growth and Opportunity Act, and is AGOA eligible for the year 2020. Senegal primarily ships processed foods, seafood, and cosmetics under the trade agreement. The United States also has a trade and investment framework agreement with the Economic Community of West African States (ECOWAS), of which Senegal is a member. Total trade within the ECOWAS region averages $208 billion. Senegal has signed and ratified the African Continental Free Trade Area (AfCFTA), which entered into force on May 30, 2019. The AfCFTA is the largest free trade pact after the World Trade Organization, and promises to cover over 1.2 billion people with more than $3 million in Gross Domestic Product (GDP).
In recent years, Senegal has become a hub of Foreign Direct Investment (FDI) in West Africa. In 2017, FDI totaled $586 million, a 11 percent increase from 2012. Overall, the share of imports from EU countries has been declining, while those from Asian countries has been increasing. Since 2014, FDI inflows have been linked to the Emerging Senegal Plan for the development of infrastructure, electricity, agriculture, drinking water, and health. France is historically Senegal’s largest source of foreign direct investment, but China has also become a significant foreign investment partner. Other important investment partners include the United Kingdom, Mauritius, Indonesia, Morocco, Turkey, and the Gulf States.