Gambia is a West African country with a small area of 13,300 km2 and a population of just over 2.6 million people, of which 63% live in urban areas, with an income of nearly 800 USD/person/year.
The latest report of the World Bank (WB) published in May 2024 shows that in 2023, despite the gloomy global economic environment, Gambia's GDP still achieved a growth rate of 5.3%, a sign of continued recovery after Covid-19. This result is thanks to the improvement of agricultural production and increased public consumption as well as private and state investments.
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| Gambia's economic situation and trade relations with Vietnam. Illustrative photo |
The economy is heavily dependent on remittances, tourism and agriculture. Agriculture contributes 25% of GDP, employs 70% of the population and feeds 80% of the rural population. Food security is uncertain, with food prices expected to rise by 14.5% by 2023 due to the impact of global market turmoil and the devaluation of the local currency.
The Gambia’s economic outlook is forecast by the World Bank to be relatively bright with GDP growth of 5.6% in the 2024-2026 period. This result is due to increased economic activity in all sectors, based on the government’s commitment to macroeconomic stability.
As a free economy, Gambia is open to foreign trade, which accounts for about 45% of GDP. In international trade, Gambia often has a large trade deficit. According to the International Trade Center (ITC), in 2023, the country's exports reached 83.3 million USD and imports reached 2.38 billion USD.
The Gambia's main exports are machinery, cement, vegetable oils, nuts, textiles and fish. Its main imports are petroleum, ships, motor vehicles, cereals, cement, sugar and foodstuffs. Its largest customers include Senegal, Mali, Guinea-Bissau, India and China. Its suppliers include Norway, China, Ivory Coast, Brazil, Turkey, India and Togo. Re-exports also make up a significant part of the country's foreign trade, thanks to Gambia's efficient ports and trade policies.
Trade relations between Vietnam and Gambia are still modest. According to ITC, in 2023, our country's export turnover to this market will only reach 420,000 USD and import turnover will reach 839,000 USD. Vietnam's main export items include NPK fertilizer, pepper, vegetables, rice... and imports mainly raw cashew nuts, animal feed and raw materials, animal and vegetable oils and fats...
Hoang Duc Nhuan - Vietnam Trade Office in Algeria, concurrently in Gambia
Source: https://congthuong.vn/tinh-hinh-kinh-te-gambia-va-quan-he-thuong-mai-voi-viet-nam-354511.html
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