The Gambia WT/TPR/S/233/Rev.1 
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I. ECONOMIC ENVIRONMENT 
(1) MAIN FEATURES OF THE ECONOMY  
1. The Gambia is a small, least developed economy, with a very narrow economic base.  The 
country is heavily dependant on re -export trade, the tourism sector, and remittances from overseas.  
Relatively liberal trade policy, including histor ically lower import taxes than in neighbouring 
countries, and an efficient port and customs clearan ce service established The Gambia as an entrepôt 
hub for the region, with approximately 80% of exports  being re-exports (mostly informally).  Tourism 
and remittances are both large sources of foreign excha nge and provide a large part of the business of 
and financing for the construction sector. 
2. During the period under review (2003-09), real GDP growth averaged nearly 6% (Table I.1).  
Growth was driven mainly by tourism-related servi ces and communications and to a lesser extent by 
construction activity.  Consequently GDP per capita , in current value, rose from US$258 in 2003 to 
US$497 in 2008 (Table I.2).  However, in the afte rmath of the global economic crisis in 2008, real 
GDP growth decelerated to 4.6% in 2009 as tourist arrivals and remittances declined by approximately 10% and 20% respectively, and curre nt per capita GDP (calculated in U.S. dollar 
terms) is estimated to have declined.
1  Furthermore, re-exports (both formal and informal) declined 
during the review period as The Gambia's competitive  advantage in cost and efficiency was eroded 
due to tariff harmonization in Economic Co mmunity of West African States (ECOWAS)2 and 
increased efficiency at other ports in the region.  Indicative of this is that merchandise trade as a proportion of GDP declined from over 70% in 2003 to under 50% of GDP in 2009.
3  However, the 
authorities recognize this as an issue and have taken measures to redress the situation, for example by 
reducing handling charges and improving turnaround times so as to improve efficiency at Banjul Port.  
On the other hand, the decline in tourism, re-expor ts, remittances, and constr uction has been partly 
offset by increased agricultural production, which was facilitated by favourable weather conditions 
and the success of the government's programme to  expand rice production, including the Nerica rice 
project (Chapter IV(1)(v)(b)).  Growth is projected to pick up slightly in 2010 to 5.0%.4 
Table I.1 
Selected macroeconom ic indicators, 2003-09  
 2003 2004 2005 2006 2007 2008 2009a 
 (Annual percentage change) 
Real GDP (at 1976/77 prices) 6.9 7.1 5.1 6.5 6.3 6.1 4.6 
Prices and interest rates (Per cent) 
Inflation (CPI, percentage change)b 17.0 14.3 5.0 2.1 5.4 3.0 .. 
Exchange rate        
D/US$ (annual average)c 27.3 30.0 28.6 28.1 24.9 22.2 26.6 
Nominal effective exchange rate (index 2005 = 100)d 108.2 95.8 100.0 100.5 108.1 116.9 .. 
Real effective exchange rate (index 2005 = 100)d 95.4 94.1 100.0 99.7 109.3 117.4 .. 
 (Per cent of GDP, unless otherwise indicated) 
Overall fiscal balance   
Total revenue and grants 18.2 25.5 21.4 22.5 22.9 20.8 24.6 
Table I.1 (cont'd)
                                                      
1 In local currency terms, both nominal and real GDP per capita continued to increase (information 
provided by the IMF). 
2 ECOWAS is being established as a customs union of 15 states. 
3 In January 2006, with a view to improving the fi scal situation and to harmonizing the tariff structure 
with the ECOWAS tariff, the Governme nt increased customs duties from 18% to 20% on some items.  The rate 
of sales tax on imports was also raised from 10% to 15 %, the level that applies to most domestic goods.  These 
increased taxes adversely affected the re-export trade. 
4 Information provided by the authorities. WT/TPR/S/233/Rev.1 Trade Policy Review 
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 2003 2004 2005 2006 2007 2008 2009a 
Current revenue 15.7 20.9 19.7 21.2 21.7 19.4 19.4 
Tax revenue 13.8 18.6 17.2 18.8 19.0 17.5 17.6 
Grants 2.5 4.5 1.7 1.3 1.2 1.4 5.2 
Expenditure and net lending 22.9 31.1 30.0 29.6 22.7 23.0 26.1 
Current expenditure 17.0 16.9 18.4 18.1 16.2 17.7 17.3 
Capital expenditure 6.1 14.4 11.0 11.0 6.1 4.8 8.6 
Net lending -0.2 -0.2 -0.2 0.4 0.5 0.5 0.3 
Current balance -1.3 4.0 1.4 3.1 5.5 1.7 2.1 
Overall deficit -5.9 -6.2 -9.2 -7.3 0.5 -2.2 -1.6 
Saving and investment        
Gross domestic savings 10.2 9.5 6.6 5.7 11.0 .. .. 
Gross domestic investment 19.5 27.1 26.3 24.3 24.4 .. .. 
Savings-investment gap -9.3 -17.6 -19.7 -18.6 -13.4 .. .. 
External sector  
Current account balance -4.9 -6.1 -15.1 -14.6 -13.6 -16.7 -17.1 
Net merchandise trade -16.3 -26.4 -30.9 -27.2 -26.7 -26.9 -25.6 
Merchandise exports 27.5 24.1 17.5 16.5 14.2 10.7 11.4 
Merchandise imports -43.9 -50.6 -48.4 -43.8 -40.9 -37.5 -37.0 
Services balance 7.5 5.4 8.2 10.0 10.3 7.8 5.7 
Financial account 1.8 12.0 22.3 18.7 19.1 12.5 16.5 
Direct investment 3.5 14.1 13.3 14.6 12.5 8.6 9.7 
Overall balance -1.3 7.8 2.8 5.1 5.3 -4.4 0.0 
Terms of trade .. .. .. -4.4 -6.1 -16.2 -0.8 
Merchandise exports (percentage change) -7.6 -4.2 -16.4 3.8 8.8 -5.4 -1.0 
Merchandise imports (percentage change) -6.2 26.0 10.2 -0.5 18.3 15.8 -8.6 
Gross official reserves (US$ m illion) 62.3 84.0 96.6 118.6 141.6 112.6 177.2 
In months of imports 4.6 4.3 4.5 5.5 5.5 3.8 7.2 
External public debt (US$ milli on) 555.2 587.6 621.4 676.7 299.4 300.7 316.4 
In % of GDP 157.3 146.5 134.7 133.6 46.5 37.1 43.6 
Debt service ratio (incl. fund - % of XGS) 11.1 17.7 17.7 16.5 19.5 .. .. 
.. Not available. 
a Preliminary. 
b January to June average for 2008. 
c January to September average in 2009. d An increase in the index reflects an appreciation of the dalasi.  
Source: IMF (2008), The Gambia:  Selected Issues and Statistical Appendix , Country Report No. 08/325.  Viewed at:  
http://www.imf.org/external/pubs/ ft/scr/2008/cr08325.pdf;  IMF (2009), The Gambia:  Fifth Review Under the 
Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Re quest for a Waiver of 
Non-observance of Performance Criterion  - Staff Report;  and Press Release , Country Report No. 09/268.  
Viewed at:  http://www.imf.org/external/ pubs/ft/scr/2009/cr09268.pdf;  and IMF (2010), The Gambia:  Sixth 
Review Under the Arrangement Under the Extended Cred it Facility and Request for Extension and Augmentation 
of the Arrangement, and Waiver of Nonobservance of Perf ormance Criterion - Staff Re port;  Staff Supplement;  
Press Release;  Statement by the Alternate Executive Director for The Gambia , Country Report No. 10/61.  
Viewed at:  http://www.imf.org/ex ternal/pubs/cat/longres.cfm?sk=23690.0. 
Table I.2  
Basic economic and social indicators, 2003-09  
 2003 2004 2005 2006 2007 2008 2009a 
Real GDP, market price (US$ million, 1976/77 
prices)b 346.2 370.6 389.6 415.1 441.2 .. .. 
Current GDP, market price (US$ million)b 367.1 401.0 461.3 507.7 643.5 811.1 751.0 
GDP per capita, current market price (US$) 257.5 272.6 305.8 328.3 409.8 496.7 434.3 
Table I.2 (cont'd)The Gambia WT/TPR/S/233/Rev.1 
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 2003 2004 2005 2006 2007 2008 2009a 
 (Annual percentage change) 
Agriculture 20.0 14.4 2.7 1.0 2.0 .. .. 
Industry 5.7 3.0 6.4 13.6 8.1 .. .. 
Services 4.3 3.0 7.7 7.7 6.9 .. .. 
 (Per cent) 
Share of main sectors in GDP        
Agriculture 24.9 26.8 27.3 20.8 19.7 24.3 25.9 
Crops 12.8 16.2 16.8 10.0 8.0 12.6 14.0 
Livestock 8.1 8.3 8.2 8.5 9.0 8.6 8.7 
Forestry 1.2 0.6 0.6 0.6 0.6 0.5 0.5 
Fishing 2.8 1.7 1.7 1.7 2.1 2.7 2.7 
Industry 13.1 13.6 12.8 14.3 13.1 12.0 10.7 
Manufacturing 5.1 5.6 6.6 6.7 6.5 5.4 5.2 
Electricity, gas, and water supply 1.4 0.8 1.0 1.0 1.5 1.5 0.6 
Construction and mining 6.6 7.2 5.3 6.5 5.2 5.2 4.9 
Services 52.2 53.2 54.5 58.6 60.0 58.2 56.7 
Wholesale and retail trade 10.6 25.2 23.5 26.8 28.1 25.7 23.9 
Hotels and restaurants 5.6 2.5 3.1 3.5 3.9 4.0 3.1 
Transport, storage, and communication 17.4 11.1 12.1 11.9 11.6 9.7 9.9 
Real estate, renting, and business activities 6.5 3.4 3. 4 3.4 3.2 3.0 3.0 
Public administration 8.3 2.2 2.3 2.5 2.7 3.6 3.6 
Other services 4.0 2.5 3.1 3.4 3.6 4.2 5.2 
Indirect taxes (net) 9.8 6.4 5.4 6.3 7.2 5.5 6.7 
Memorandum items        
Life expectancy at birth 58.3 58.6 58.9 59.2 59.4 59.9 .. 
Infant (-5) mortality rate per ' 000 live births .. 89.0 86.0 84.0 .. .. .. 
.. Not available. 
a Projection. 
b Annual average exchange rate except January to September average in 2009. 
Source:   IMF (2008), The Gambia:  Selected Issues and Statistical Appendix , Country Report No. 08/325.  Viewed at:  
http://www.imf.org/external/pubs/f t/scr/2008/cr08325.pdf;  IMF online info rmation, "World Economic Outlook 
Database:  October 2009".  Viewed at:  http://www.imf.or g/external/pubs/ft/weo/2009/02/weodata/weoselgr.aspx;  
and information provided by the Gambian authorities.  
3. To be able to sustain growth over the medium  to longer term and thereby alleviate poverty, 
production and domestic exports need to be expanded and di versified.  Expansion and diversification 
would require significant investment (both domestic  and foreign), for which an enabling business 
environment needs to be created.  Factors th at have been identified as hindering business and 
investment include:  the current tax structure;  inade quate infrastructure;  weak judicial system;  high 
real interest rates;  and lack of access to credit.5  In addition, future growth is vulnerable due to high 
levels of public debt; this would be  exacerbated if there is a financing shortfall or a worsening of the 
terms of trade. 
4. The authorities are aware of these issues and have initiated a limited reform of the tax system.  
In the 2010 Budget, the Government announced tax and non-tax measures, which are expected to 
boost revenues by 0.5% of GDP, and to reduce the c ountry's reliance on trade taxes.  The measures 
include:  reducing the corporate income tax rate fro m 35% to 33%;  reinstating a 5% import sales tax 
on rice;  increasing the excise tax on alcohol and tobacco6;  and raising the road tax.  In addition, the 
authorities have taken measures to strengthen tax enforcement and compliance;  these include the 
                                                      
5 World Bank (2007). 
6 The IMF notes that collection of excise taxes on domestically produced goods has been inconsistent.  
For example, the excise tax on domestically produced be er has not been collected in  recent years and is due to 
be phased in again in 2010-11. WT/TPR/S/233/Rev.1 Trade Policy Review 
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introduction of modern ICT tools such as AS YCUDA++ and Gamtaxnet, which would increase 
efficiency in domestic tax collection, especially customs clearance. 
5. However, according to the IMF, more compre hensive tax reform is needed, and should 
include moving toward a simpler tax system with relatively low tax rates, limited exemptions, and 
greater reliance on consumption taxes over the medium term.  Some of these concerns, such as fewer 
exemptions, have been addressed in the new Cust oms Act (Chapter II(1)(ii)(a)).  Furthermore to 
reduce the volatility of collections, the IMF reco mmended that the petroleum tax, which is an 
important source of revenue, should be converted to an excise tax.7  Other issues that hamper 
business, such as infrastructure (transport, communi cations, and energy), have been raised by the 
authorities in the "aid for trade" questionnaire (Cha pter V);  increased provision and use of "aid for 
trade" could help The Gambia develop quickly and strengthen its export base. 
(2) MACROECONOMIC POLICIES  
6. The Gambia traditionally relied heavily on trade -related taxes (customs duties, sales taxes, 
processing and ECOWAS fees, and excise taxes), for re venue. Against this backdrop, the thrust of its 
trade and fiscal policies was to keep trade taxes as high as possible, but below those of neighbouring 
countries so as to maximize revenue  from the re-export trade.  However, during the period under 
review, the ratio of trade-related taxes to GDP d eclined, from 53% of tax and 40% of total revenue 
(including grants) in 2003 to 33% of tax revenue and 24% of total revenue in 20098, while other 
indirect taxes, such as sales tax, assumed greater  importance.  The overall fiscal deficit declined 
during the period under review, due mainly to increased grants.9 
7. In order to contain inflationary pressures, The Gambia generally maintained a tight monetary 
policy during the period under review. Inflation, as measured by the consumer price index, peaked at 
7% in February 2009, due mainly to the lagged pass-through of dalasi depreciation.  However, 
facilitated by a tight monetary policy, infla tion has trended downwar ds, and was 2.6% in 
December 2009, with both food and non-food component s declining.  With an easier monetary policy 
stance by the central bank, inflation is estimated to have increased again to 4.1% in April 2010. 
8. The IMF characterizes the exchange rate as a mana ged float, with the central bank intervening 
only to smooth volatility.  Between 2005 and 2008, The Gambia's real effective exchange rate 
(REER) appreciated by over 17%, reflecting a decline in the economy's international competitiveness. 
(3) BALANCE OF PAYMENTS  
9. The Gambia's current account deficit fluctuated over the review period.  It rose sharply to 
US$135.1 million (or 16.7% of GDP) in 2008, and is est imated to have increased again to 17.1% of 
GDP in 2009 (Table I.3).  The increase in the current  account deficit was due both to a growing trade 
deficit, stemming from higher oil prices and the co llapse of groundnut exports, and to a decline in 
tourist arrivals and remittances, resulting from the global economic crisis, which reduced income from 
services and current transfers surpluses. 
                                                      
7 The Government has recently decided to link domestic fuel prices to international oil prices, with a 
review on a quarterly basis;  as a result domestic fuel prices may reflect international fluctuations in oil prices more closely. 
8 Information provided by the authorities. 
9 The overall fiscal deficit excluding grants declined from 8.4% of GDP in 2003 to 6.8% of GDP in 
2009 . The Gambia WT/TPR/S/233/Rev.1 
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Table I.3  
Balance of payments, 2003-09 
(US$ million)  
 2003 2004 2005 2006 2007 2008 2009a 
Current account balance -18.0 -24. 6 -69.6 -74.0 - 87.3 -135. 1 -124.1 
Goods -60.0 -105.9 -142.6 -138.1 -171.5 -218.0 -192.6 
Exports, f.o.b. 101.0 96.8 80.9 84.0 91.4 86.5 85.6 
Groundnuts and groundnut products 9.1 16.9 2.0 10.2 5.8 .. .. 
Other domestic exports 8.4 9.0 5.2 7.2 6.7 .. .. 
Re-exports 83.5 71.0 73.7 66.6 78.9 .. .. 
Imports, f.o.b. -161.0 -202.8 -223.4 -222.2 -262.9 -304.4 -278.2 
For domestic use -100.2 -131.8 -149.7 -155.5 -184.1 .. .. 
For re-export -60.7 -71.0 -73.7 -66.6 -78.9 .. .. 
Services (net) 27.4 21.8 37.6 50.6 66.3 62.9 43.0 
Income (net) -19.1 -35.0 -43.5 -48.0 -46.8 -45.9 -43.0 
Current transfers 33.7 94. 5 78.9 61.6 64. 8 65.8 68.5 
Capital and financial account 6.7 48.0 103.1 94.8 122.9 101.1 124.2 
Official loans (net) 16.1 23.0 25.5 26.9 6.4 1.3 15.7 
Foreign direct investments (net) 12.7 56.6 61.2 74.2 80.6 70.0 72.8 
Other investment (net) -22.1 -31.6 16.4 -23.7 -350.6 15.7 8.0 
Errors and omissions 6.3 7.9 -20.5 5.3 -1.7 -1.3 0.0 
Overall balance -4.9 31.3 13.0 26.0 34.0 -35.3 0.2 
M e m o r a n d u m  i t e m s         
Current account deficit/GDP (%)        
Excluding official transfers -13.1 14.7 -20.2 -17.8 -14.8 -17.1 -19.3 
Including official transfers -4.9 -6.1 -15.1 -14.6 -13.6 -16.7 -17.1 
.. Not available. 
a Projection.  
Source:   IMF (2008), The Gambia:  Selected Issues and Statistical Appendix , Country Report No. 08/325.  Viewed at:  
http://www.imf.org/external/pubs/ ft/scr/2008/cr08325.pdf;  IMF (2009), The Gambia:  Fifth Review Under the 
Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Re quest for a Waiver of 
Non-observance of Performance Criterion  - Staff Report;  and Press Release , Country Report No. 09/268.  
Viewed at:  http://www.imf.org/external/ pubs/ft/scr/2009/cr09268.pdf;  and IMF (2010), The Gambia:  Sixth 
Review Under the Arrangement Under the Extended Cred it Facility and Request for Extension and Augmentation 
of the Arrangement, and Waiver of Nonobservance of Perf ormance Criterion - Staff Re port;  Staff Supplement;  
Press Release;  Statement by the Alternate Executive Director for The Gambia , Country Report No. 10/61.  
Viewed at:  http://www.imf.org/ex ternal/pubs/cat/longres.cfm?sk=23690.0. 
10. In contrast, the capital and financial account surplus increased from US$6.7 million in 2003 
to US$124.2 million in 2009, attributable mainly to  FDI inflows in the hotel and banking sectors;  and 
disbursements from the international financial institutions, including an SDR allocation of 
US$39 million in 2009.  By and large, the capital and financial account surplus has been able to cover 
the current account deficit;  however, in 2008, Th e Gambia had to draw down its foreign exchange 
reserves to cover the current account deficit.  At  end 2009, The Gambia's foreign exchange reserves 
stood at US$177.3 million, representing over seven months of import cover compared with US$113 million (approximately four months of  import cover) at the end of 2008.  
(4) D
EVELOPMENTS IN TRADE  
11. The ratio of The Gambia's merchandise trade (imports and exports, including re-exports) to 
GDP declined from 71.4% in 2003 to 48.4% in 2009 (Table I.1).  The declin e in exports was more 
pronounced as groundnut exports collapsed and there was a decline in re-exports.  The latter is of 
particular concern as government revenue has trad itionally been highly dependent on customs duties 
and taxes collected on imports of goods destined for re-export.  Imports as a percentage of GDP also WT/TPR/S/233/Rev.1 Trade Policy Review 
Page 6 
 
 
declined during the review period reflecting The Ga mbia's loss of competitiveness as an entrepôt hub.  
The services surplus as a percentage of GDP rose from 7.5% of GDP in 2003 to over 10% of GDP in 
2007, due mainly to increased tourism receipts.  However it declined to 5.7% of GDP in 2009, 
reflecting the slowdown in tourist arri vals after the global economic crisis. 
(i) Composition of trade 
12. The Gambia's main imports in 2008 were food,  fuels, automotive products, chemicals, and 
other consumer goods (Table AI.1 and Chart I.1).  The composition of imported goods reflects the 
nature of re-exports to the sub -region, which mainly comprise bul k food items, processed foods, 
consumer goods, and used cars.  The decline in th e shares of agricultural goods and manufactures in 
total exports is indicative of The Gambia losi ng its advantage as an entrepôt hub, with price 
differentials narrowing between The Gambia and surrounding countries as well as other regional ports 
becoming more efficient.   A matched product-level comparison revealed that wholesale prices in 
Dakar are higher than in Banjul, with the differen tial varying substantially, from a maximum of about 
90% for sugar and a low of about 10% for rice.10  These price differences have long provided a large 
incentive to bring goods, both formally and informal ly, from The Gambia into Senegal.  However, as 
The Gambia has harmonized its tariffs with ECOWAS rates, these price differentials have been 
reduced, and so have incentives to smuggle.  Within  manufactures, the share of automotive parts in 
total imports rose during the period under review .  The share of fuel in total imports also rose during 
the period under review most likely on account of higher international oil prices. 
13. According to estimates, approximately 80% of The Gambia's exports are re-exports to the 
sub-region, thus domest ic exports are limited.11  The Gambia's main exports in 2008 were groundnut 
and groundnut products, frozen fish, and ferrous w aste and scrap (Table AI.2 and Chart I.1).  The 
share of groundnut and groundnut products declined during the period under review.  Reasons cited 
are drought;  policy instability, and mismanagement of crop finance advances to farmers;  poor 
transport and storage facilities;  lack of investme nt in and maintenance of processing facilities;  and 
little knowledge of or implementation of internationa l standards for edible groundnuts.  These factors 
combined to render The Gambia's groundnut producti on of low quality (thus lower export prices) used 
mainly for bird feed.  On the other hand, the shar es of frozen fish and ferrous waste and scrap rose 
during the review period. 
(ii) Direction of trade 
14. The Gambia's main import suppliers in 2008 were  the EU, the US, China, Côte d'Ivoire, and 
Brazil.  During the review period, the share of the EU declined, while the sh ares of the United States, 
China, and Côte d'Ivoire showed a marked increase (Table AI.3 and Chart I.2).  The increase from the 
latter could be due to increased palm oil imports .  Additionally, the share of the UAE in The Gambia's 
imports has risen considerably presumably due to increased oil imports. 
15. The Gambia's main export destinations in 2008 were the EU, India, Senegal, Singapore, and 
the UAE.  During the period under review, the share of the EU showed a significant decline.  In 
contrast, the shares of Senegal, India, and Singapor e increased (Table AI.4 and Chart I.2).  The large 
increase in exports to India was most likely  on account of cashew nut exports from the region 
(Guinea-Bissau), which are directed through The Ga mbia.  In addition, the authorities stated that 
mineral sand exports to China had risen significantly in 2009. 
 
                                                      
10 World Bank (2007). 
11 IMF (2008). The Gambia WT/TPR/S/233/Rev.1 
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Chart I.1
Composition of merchandise trade, 2003 and 2008
2003 2008
(a)   Imports (c.i.f.)
Other consumer 
goods  8.3
Total:   US$162.6 million Total:  US$329.4 million
(b)   Exports (f.o.b.), excluding re-exports
Transport
  equip.
12.7
Manufactures
26.9Textiles & 
clothing
7.4Mining
2.5
Food
63.3Other
consumer
 goods  6.6Non-electrical 
machinery    2.6
Iron and steel  1.4Electrical
machines
  5.3
Manuf.
20.9Chemicals  7.2
Total: US$5.1 million Total: US$13.9 million Per cent
Transport 
equip. 
3.7
Agricultural raw 
materials
4.2
Fish, 
crustaceans, 
etc.   25.0Chemicals  6.6Textiles & 
clothing
4.7
Other  0.0Iron and steel
1.8
Other  0.0
Other food
31.4
Source :  WTO Secretariat estimates, based on UNSD, Comtrade database figure (SITC Rev.3).Other  manufactures
6.8Other manufactures
14.7Mining  15.4Textiles & clothing  2.5Non-electrical 
machinery  2.5
Agricultural raw 
materials
7.3
Fish, 
crustaceans, 
etc.   9.6Food
29.8
Other food
43.8Textiles &
clothing
5.5
Cigarettes
9.9
Cigarettes
3.1Other  0.0Transport
equip.
12.5
Other primary 
products  2.9
Fuels
19.9Transport 
equip. 
8.4
Other  0.0 Manufactures
48.7Manufactures
47.4Other semi-manuf.
9.9
Food
37.6Fuels
10.5Other primary 
products  3.1Electrical 
machines 
5.8
Other semi-
manuf.  7.1
Food
59.6
 WT/TPR/S/233/Rev.1 Trade Policy Review 
Page 8 
 
 
Chart I.2
Direction of merchandise trade, 2003 and 2008
2003 2008
a) Imports (c.i.f.)
(b) Exports (f.o.b.)Per cent
Source:  WTO Secretariat estimates, based on UNSD, Comtrade database figure (SITC Rev.3).Total: US$5.1 millionUnited 
Ki ngdom
23.8Netherlands
6.9
Germany
2.8Denmark
10.0Other EU(27)
21.3Senegal
4.7Other Africa
5.9Other
9.9
China
9.4India
2.2
Spain
3.0Africa
10.6EU(27)
67.8Total: US$162.6 millionUnited 
States
2.1Other 
America
3.7
Germany
36.2
United 
Kingdom
10.3Denmark
2.0 Netherlands
2.8Other 
EU(27)
14.7Côte d'Ivoire
3.1Other
3.5
Senega l  4.6Other Africa  
2.4China  5.1Other Asia
9.3
Asia
14.4
EU(27)
66.1Africa
10.2
Total: US$329.4 millionAmerica
15.4United 
States
10.9Other 
America
4.5
Germany
10.9
United 
Ki ngdom
8.1
Denmark
7.3
Netherlands
7.0Other 
EU(27)
8.7Côte d'Ivoire
8.9Other
6.2
Senegal  3.0Other Africa  
3.1China
10.8Other Asia
10.5
As ia
21.2
EU(27)
42.1Africa
15.1
Total: US$13.9 millionUnited 
Ki ngdom
10.1Netherlands
11.6
Germany
3.7Denmark
6.2
Other
 EU(27)
2.4Senegal
17.4Other Africa
6.9Other
13.3
China
2.1Indi a
17.4
Spain
8.7EU(27)
42.8
Africa
24.4
 The Gambia WT/TPR/S/233/Rev.1 
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(5) FOREIGN DIRECT INVESTMENT  
16. Foreign direct investment (FDI) inflows were  robust during the period under review.  From 
US$12.7 million (or 3.5% of GDP) in 2003, FDI inflows rose more than five-fold to US$73 million (or 9.7% of GDP) in 2009.  As a result, the stock of FDI also rose from US$324 million in 2003 to 
US$583 million in 2008.
12  Most investment was in the tour ism services sector mainly for hotel 
construction, telecommunications, a nd in the commercial banking sector. 
 
                                                      
12 UNCTAD (2004) and (2009).