Algeria posts trade deficit
Exports from Algeria grossed $7.72 billion in the first two months, against $10.82 billion in the first two months of 2014, a 28.6% decline. Imports amounted to $8.06 billion in January and February 2015, against $9.11 billion in the first two months of 2014, an 11.44% decline.
Oil, gas and their products accounted for 94% of total exports from Algeria in the first two months. Foreign sales of these products grossed $7.24 billion during the period, against $10.39 billion in the first two months of 2014, a 30.31% decline according to the CNIS.
The data show that the oil price decline has clashed head on with Algeria's foreign trade, which traditionally runs a surplus.
Last week, Bank of Algeria governor Mohamed Laksaci said continuously growing imports and declining exports throughout last year translated into a trade surplus of only $590 million, the lowest since 1998. In 2013, for instance, the surplus was as high as $9.73 billion.
In 2014, exports from Algeria reached $66.04 billion and imports stood at $59.44 billion. ■