Senegal registers a surplus of FCFA 146.5 billion in the balance of payments for 2019

At the beginning of the month, the Central Bank of West African States (Bceao) published Senegal’s external accounts, which show a surplus of 145.4 billion and a trade deficit of 12.2% in 2019.

These data were revealed in the 13th edition of the annual Day of dissemination of the External accounts of Senegal. This meeting shares information on relevant data such as geographical orientation, Senegal’s exchanges with other countries, the resources mobilized to ensure coverage of the economy’s financing need, among others. In addition, various analyzes are carried out on the dynamics of the country’s balance of payments, whose correct development is synonymous with external competitiveness, according to the national director of Bceao Senegal.

The analysis of the balance of payments in 2019 shows a number of trends. The first of them deals with the persistence of the structural current account deficit, linked to a sustained trade deficit with a concentration of imports in 2019, mainly oil, pharmaceutical and food products, machinery and transport equipment. There is also a notable concentration of exports related to non-monetary gold, fishery products, phosphoric acids and groundnuts.

Regarding the new challenges that the country would face, according to the Secretary General of the Ministry of Finance and Budget, the reduction of the trade balance deficit stands out, located at 12.2% of GDP in 2019 compared to 14, 6% in 2018.