Senegal - potential market for agricultural and food products

Senegal is the most politically stable West African country in the region, has an open economy, is the headquarters of the Bank of West African States, has an international seaport in Dakar and a railway system, and is a transit point for goods in the subregion. Senegal is a member of the Economic and Monetary Union of West Africa (UEMOA) of 8 French-speaking countries and the Economic Community of West African States (ECOWAS) of 15 countries with an internal tariff of 0%.

Penetrating this market, Vietnamese goods not only meet the needs of 18.6 million Senegalese consumers but also have the opportunity to supply other countries in the bloc, especially neighboring countries such as Mali, Guinea Bissau, the Republic of Guinea and Mauritania.

A decade after oil and gas were discovered off Senegal’s coast, production has begun at the country’s first oil and gas project, partnering with an Australian company. Senegal’s GDP growth is expected to reach 6% in the fourth quarter of 2024, according to the International Monetary Fund (IMF).

Senegal is a potential market for agricultural and food products. Illustrative photo

Senegal has a trade deficit. In 2023, the country's total exports reached $5.3 billion while imports reached $11.87 billion. Senegal's main exports include petroleum products, non-monetary gold, phosphoric acid, titanium and phosphates.

Major customers include Mali, India, Switzerland and Australia. Its main imports are finished petroleum products, vehicles, machinery, base metals and rice. Major suppliers include France, China, Russia, India and the United Arab Emirates.

Although Senegal has implemented a self-sufficient food policy for many years, it has not been able to meet domestic rice demand, and still has to import 700-900 thousand tons each year. In addition to rice, Senegal also buys many textile products, confectionery and cereal products, motorcycle spare parts, iron and steel of all kinds, pepper, cassava products, rubber products, agricultural machinery, etc.

According to data from the General Department of Vietnam Customs, in 2023, our country's export turnover to this market will reach 37.8 million USD, mainly agricultural products and food.

In the first 9 months of 2024, Vietnam's export value to Senegal reached 26.5 million USD, including pepper (turnover of 9.5 million USD), vegetables and fruits (3.34 million USD), rice (1.24 million USD), confectionery and cereal products (1.6 million USD), seafood (851,074 USD), other goods (9.95 million USD).

Source: https://congthuong.vn/senegal-thi-truong-tiem-nang-cho-hang-nong-san-thuc-pham-352734.html