Improvement of the trade balance by 66.2 billion CFA francs
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Loading... - David Kipruto
- 20 Sep 2022
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Economic statistics showed an improvement in Senegal's trade balance during the month of July 2022. This is the conclusion of the latest monthly economic update from the Department of Forecasting and Economic Studies (DPEE). Over this period, experts ensure that the trade deficit improved by 66.2 billion CFA francs compared to the previous month, to stand at 219.4 billion. This situation is due to a drop in exports of goods (-30.1 billion) less significant than that of imports (-109.4 billion).
Consequently, the rate of coverage of imports by exports improved by 4.2 percentage points, to stand at 58.7%.
Exports fell back by 8.8% in monthly variation, dropping from 342.5 billion to 312.5 billion. This decline is the consequence of lower shipments of petroleum products (-37.8 billion), fishery products (-18.7 billion), raw gold (-13.1 billion) and zircon (-7. 1 billion).
However, this decline was mitigated by an increase in titanium exports (+4.5 billion). Compared to July 2021, exports grew by 39.0% (+87.7 billion). The change noted is attributable to stronger sales of petroleum products (+13.9 billion), phosphoric acid (+7.5 billion), titanium (+5.9 billion), fish products (+5 .4 billion) and groundnut products (+3.8 billion). This progression was, however, slowed down by a drop in exports of raw gold (-7.5 billion).
With regard to imports of goods for the month of July 2022, they fell back by 15.3% (-109.4 billion) compared to June, in connection with the decline in purchases of ''wheat and meslin'' ( -29.4 billion), "machines, appliances and motors" (-18.5 billion), "vehicles, transport equipment and automobile spare parts" (-18.3 billion), rice (-11.6 billion) and “other petroleum products” (-10.5 billion).
This decline was, however, lessened by the increase in corn purchases (+10.8 billion). Over one year, purchases of goods increased by 43.9% (+184.5 billion) in July 2022, thanks to purchases of other petroleum products (+125.6 billion), corn ( +18.2 billion), rice (+8.4 billion) and “machines, appliances and motors” (+3.7 billion). On the other hand, imports of wheat and meslin contracted by 5.5 billion over the period. Read More…
