OVERSPECIALISATION-By far the most exported are gold, but other than that it is mostly natural resources:
Senegal has a negative (-0.33) economics complexity, meaning that it has a highly specialised, meaning they do not trade a large variety of products, and as these are often un-processed, raw materials, they are likely to be highly supply elastic and unstable in terms of price volatility
PRICE VOLATILITY OF PRIMARY PRODUCTS?
Price of gold within 2 years
As gold makes up 12% of the country's economy, this price volatility, as can be seen in the graph below suggests that Senegal is highly unstable in its industries. Furthermore, its other main export is fish, which, as can be seen in the 2008 food crisis, means that they could once again suffer from volatile prices-"The West African nation was hit hard by the food crisis, which ignited local tensions and led to rioting on the streets of the capital, Dakar, in April 2008"
INABILITY TO ACCESS INTERNATIONAL MARKETS?
Senegal has non-reciprocal preferential access to the EU market under the "Everything But Arms" initiative and is continuing negotiations on EPAs. Senegal is eligible for the United States African Growth and Opportunity Act (AGOA) and has concluded an agreement with China in 2008. An MFN tariff is the lowest possible tariff a country can assess on another country, and Senegal's is at 11.9%, which is relatively high