With a stable democracy, advanced infrastructure, and policies to expand foreign investment, this African country not only provides trade and business opportunities for global firms but is an attractive destination for corporations looking to enter the African regional market. Since its independence in 1960, it has reformed its democratic institutions leading to an increase in its economy. The capital city, Dakar is strategically positioned in the western part of Africa, hence its role as a major regional business hub. The country boasts a highly advanced telecommunications sector with about 16.5 million cell phone accounts serving approximately 17 million people. As the transportation and energy sectors continue to evolve and the petroleum industry grows, the nation is set to become a major hub for economic growth in the African region.
If you are a business owner interested in learning about exportation in this African republic, this article provides information on exporting goods from Senegal, and how to go about it.
Major goods exported out of the country
The major export products are fish, cement, gold, peanut, horticulture products, phosphates, and nut oil. Before the pandemic, the tourism sector used to be a vital source of foreign exchange, but the potential of the sector is presently uncertain.
Exporting from the country
Senegal’s Investment Promotion Agency (APIX) is in charge of business registration in the country. It offers a variety of commercial services to foreign investors. Set up in 2007, it has greatly reduced the number of days required to set up a business to six days. The government’s plan to expand its economy includes a one-stop service center for businesses opening, maintenance, and growth. Property owners may also apply for construction permits on its website. In 2019, the government made tax information and a few payment options available on APIX’s portal for users. Actively seeking to increase foreign trade and investment, exports from the country have increased by 40 percent since 2018. Its principal trade and investment partners are China, France, India, Morocco, and Turkey. Although the IMF reported that the U.S. FDI stock in the nation was around $91 million in 2018, new information hints that the value is significantly higher. Recently, the country has noted that U.S. investments in its territory have tripled since 2017.
The process of exportation
For business owners looking to export from the territory, the steps to follow to export goods include the following: Acquire an export permit, if the kinds of goods you are exporting need to be checked before packing. Make sure all the goods to be exported satisfy the country’s standards as well as the international standard recommended by the General Authority for Import/Export/Quality Control in the territory at the Ministry of Finance and Trade and industry. Next, obtain the required documents from the supplier (s) and then forward the documents to the clearing agent. The clearing agent will send an export declaration with supporting documents to the customs officer in charge of exports. The customs officer will verify both the customs entry (declaration) and the attached supporting documents such as invoice, packing list, certificate of origin, and certificate of quality to check the conformity on standards, etc. Provided there is no inconsistency, and the goods are not being exported in contrast to the export control regulations, the officer shall issue a receipt and acceptance of an entry into the system. Then validate the release order, print, and issue the exit note to the clearing agent.
Required documents to submit
The following are some of the documents needed for submission before exporting goods out of the country:
- Bill of lading
- Packing List
- Shipping order
- Commercial Invoice
- Statistical tax
- Transit documents
- Customs duties
- Fiscal Import tax, etc.
