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Algeria posts trade deficit

Staff writer |
Algeria posted a $341 million trade deficit in the first two months of 2015, against a $1.71 billion surplus in the comparable period of 2014, according to the Algerian Customs National Centre for Informatics and Statistics (CNIS).

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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.

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