With a liberal economy, Gambia is open to foreign trade, which was 42% of its GDP in 2021 (World Bank). Gambia’s exports are mainly made of petroleum oils (45.66% of total exports), cereals (14.12%), oleaginous fruits (10.75%), machinery, nuts, fish and vehicles. The country imports petroleum oils (38.48% of total imports), vehicles (10.64%), cereals (7.91%), cement, fats and oils, ships, sugar, machinery and food (ITC, 2021)
Gambia exports its goods mainly to Mali (44.7% of total exports), China (29.1%), Senegal (10.9%), Guinea Bissau, India and Vietnam. The country mainly imports goods from Togo (25.4% of total imports), Ivory Coast (12.4%), China (7.6%), Denmark (6%), India, Brazil and Senegal (ITC, 2021). The country is a member of the World Trade Organisation and of the ECOWAS. It has set a favourable regulation for trade with low customs duties. Its re-exportation activities, which represent a significant part of its foreign trade, are supported by its ports’ efficiency and trade policy. There is, however, low transparency on its customs duties’ calculation. The Gambia Revenue Authority (GRA) collects excise duties on locally manufactured products (per unit).
The Gambia’s trade balance is structurally negative. In 2021, trade deficit amounted to USD -576 million (World Bank). According to WTO data, in 2021 The Gambia imported USD 607 million worth of goods while it exported USD 32 million worth of goods. It also imported services totalling USD 119 million and exported services totalling USD 104 million.
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 549 | 677 | 621 | 695 | 607 |
Exports of Goods (million USD) | 106 | 140 | 133 | 61 | 32 |
Imports of Services (million USD) | 122 | 101 | 96 | 102 | 119 |
Exports of Services (million USD) | 136 | 197 | 214 | 117 | 104 |
Imports of Goods and Services (Annual % Change) | 19 | 18 | -2 | 17 | 20 |
Exports of Goods and Services (Annual % Change) | 10 | 44 | -11 | -46 | 4 |
Trade Balance (million USD) | -331 | -421 | -378 | -512 | -576 |
Foreign Trade (in % of GDP) | 53 | 63 | 53 | 48 | 42 |
Imports of Goods and Services (in % of GDP) | 37 | 41 | 34 | 38 | 36 |
Exports of Goods and Services (in % of GDP) | 17 | 22 | 19 | 10 | 6 |
Source: WTO – World Trade Organisation ; World Bank - Latest available data.
Main Customers (% of Exports) |
2021 |
---|---|
Mali | 44.7% |
China | 29.1% |
Senegal | 10.9% |
Guinea-Bissau | 4.5% |
India | 3.7% |
See More Countries | 7.2% |
Main Suppliers (% of Imports) |
2021 |
---|---|
Togo | 25.5% |
Ivory Coast | 12.4% |
China | 7.6% |
Denmark | 6.0% |
India | 5.6% |
See More Countries | 42.9% |
Source: Comtrade, Latest Available Data
Source: Comtrade, Latest Available Data
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Latest Update: September 2023