With a liberal economy, Gambia is open to foreign trade, which was 45% of its GDP in 2020 (World Bank). Gambia’s exports are mainly made of machinery, cement, vegetable fats, nuts, woven fabrics and fish. The country imports petroleum oils, ships, vehicles, cereals, cement, sugar and food (ITC, 2020)
Gambia exports its goods mainly to Senegal, Mali, Guinea Bissau, India and China. The country mainly imports goods from Norway, China, Ivory Coast, Brazil, Turkey, India and Togo (ITC, 2020). 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. According to the World Bank, in 2020 The Gambia imported USD 695 million worth of goods while it exported USD 61 million worth of goods. It also imported services totalling USD 102 million and exported services totalling USD 117 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
To go further, check out our service Import Controls and Export Controls
To go further, check out our service Import Export Flows
List of tariffs and local taxes that apply to your product on our service Customs Duties and Local Taxes
Any Comment About This Content? Report It to Us.
© eexpand, All Rights Reserved.
Latest Update: February 2023