Country Info: Senegal

Senegal

Bilateral Trade by Sector: United States - Senegal

Value ('1000 dollars), US 'domestic exports' *, US 'imports for consumption' / Includes year-to-date data

Economic Background

Senegal’s economy is driven by mining, construction, tourism, fisheries and agriculture, which are the primary sources of employment in rural areas.

The country's key export industries include phosphate mining, fertilizer production, agricultural products and commercial fishing and Senegal is also working on oil exploration projects. It relies heavily on donor assistance, remittances and foreign direct investment. Senegal reached a growth rate of 7% in 2017, due in part to strong performance in agriculture despite erratic rainfall.

President Macky SALL, who was elected in March 2012 under a reformist policy agenda, inherited an economy with high energy costs, a challenging business environment, and a culture of overspending. President SALL unveiled an ambitious economic plan, the Emerging Senegal Plan (ESP), which aims to implement priority economic reforms and investment projects to increase economic growth while preserving macroeconomic stability and debt sustainability. Bureaucratic bottlenecks and a challenging business climate are among the perennial challenges that may slow the implementation of this plan.

Senegal receives technical support from the IMF under a Policy Support Instrument (PSI) to assist with implementation of the ESP. The PSI implementation continues to be satisfactory as concluded by the IMF’s fifth review in December 2017. Financial markets have signaled confidence in Senegal through successful Eurobond issuances in 2014, 2017, and 2018.

The government is focusing on 19 projects under the ESP to continue. The government’s goal under the ESP is structural transformation of the economy.

Key projects include the Thiès-Touba Highway, the new international airport opened in December 2017, and upgrades to energy infrastructure. The cost of electricity is a chief constraint for Senegal’s development. Electricity prices in Senegal are among the highest in the world. Power Africa, a US presidential initiative led by USAID, supports Senegal’s plans to improve reliability and increase generating capacity.

Agricultural products

groundnuts, watermelons, rice, sugar cane, cassava, millet, maize, onions, sorghum, vegetables

Industries

agricultural and fish processing, phosphate mining, fertilizer production, petroleum refining, zircon, and gold mining, construction materials, ship construction and repair

Industrial production growth rate

7.7% (2017 est.)

(Source: World Factbook, 2021)

View related news articles

Experts Weekly: What next for US-Africa relations?

Today, US President Barack Obama begins a weeklong trip to Africa where he will visit Senegal, South Africa and Tanzania. His mission, according to US officials, is to push US investment and help strengthen Africa's democratic institutions. US-Africa relations under Obama have been relatively low-key. This will be only the president’s second visit to the continent, and while the likes of Brazil, India and China have been increasingly active...

27 June 2013

Requests for funds to dominate Obama’s visit to Africa

US President Barack Obama's visit to Africa will be dominated by discussions on additional funding being sought from the Millennium Challenge Account (MCA) by Senegal and Tanzania, which he will visit next month along with South Africa. Mr Obama will be in Africa from June 26 to July 3, his longest official visit to Africa. Tanzania has exhausted the $698.1m it received in the first round of MCA loans and will seek to qualify for a second...

27 May 2013

West Africa: US and West African countries work towards trade deal

The United States is working with West African countries to reach a trade and investment agreement that supports efforts at economic growth and integration as American companies increasingly look toward Africa for business opportunities. U.S. Trade Representative Demetrios Marantis told AllAfrica that discussions on the Trade and Investment Framework Agreement (TIFA) with the Economic Community of West African States (Ecowas) took place last...

05 April 2013

Transforming the US-Africa commercial relationship

The U.S. can't afford to ignore investment and trade with Africa now that countries like China and India are increasingly investing in African countries. Witney Schneidman argues that the U.S. must extend the African Growth and Opportunity Act beyond its 2015 expiration and proposes some new initiatives to help American firms do more business across Africa. This chapter is part of 'Top Five Reasons Why Africa Should Be a Priority for the...

03 April 2013

Dem. Rep. Bass: US needs to strengthen trade ties with Africa

Chinese President Xi Jinping begins an African tour this week where he will seek to bolster economic ties between China and the continent. In visiting so soon after taking the reins of power, Xi is sending a strong signal about the importance of maintaining a strategic relationship with Africa. No doubt the Chinese president sought to tamp down concerns that China may be exploiting the continent’s vast resources to drive economic growth...

29 March 2013