Senegal is not a producer of hydrocarbons, but imports refined (from Europe) or raw refined (from Nigeria) oil to be exported to other countries in the region. One of the main chapters of the Senegalese export is that of precious stones and metals, very concentrated in the exports of gold destined to Switzerland.
On the other hand, imports are very diversified, highlighting the high weight of fuels as a result of Senegal's strong energy dependence.
Bilateral trade
Senegal is the second largest client in Spain in Sub-Saharan Africa, but its importance as a provider is lower (ranked 13th in the region). Spain imports from Senegal basically products of the sea, minerals and fruit, and exports to this country fuels, machinery and ceramic products. In 2017, exports exceeded 374 million euros (an increase of 48% over the previous year). Imports also increased, registering a growth of 35.5% (they went from 90 million euros to 123). These were largely concentrated in the fishing sector.
Access to the Senegalese market is characterized by the proliferation of non-tariff measures and a regulatory framework that is not transparent and arbitrary in its application. Senegal's investments in Spain are very scarce and there are some 60 Spanish subsidiaries registered in that country, focusing on activities such as agriculture, fishing, construction, distribution, energy, mining, transport and tourism.
Sectors of opportunity
Senegal has a weak productive structure, little diversified and very dependent on the foreign market in almost all productive sectors, including food. These deficiencies represent an important business opportunity for Spanish companies in a rapidly growing market. Spanish products have a good image, but there are limitations of access due to the concentration of importers.
They also highlight the opportunities in materials and equipment for the construction of housing and public works, promoted by the Senegalese Government, although in this sector our companies must face the strong competition of Chinese companies.
Another sector with opportunities is the tenders in public projects of sanitation infrastructures and water, transport and energy management.
As much for the climate as for the proximity, the tourism has potential for the Spanish companies of the sector, that count on a wide experience. However, infrastructure is still precarious and the quality / price ratio of the destination Senegal is not very competitive yet.
>> Links of interest
Senegal – Economic and commercial report 2019
Main sectors exported to Senegal 2019
Main sectors imported from Senegal 2019
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