World Economy

Algeria’s Trade Deficit Falls Sharply

Algeria’s Trade Deficit Falls Sharply Algeria’s Trade Deficit Falls Sharply

Algeria’s trade deficit fell sharply to $585 million in January this year, a drop of 68% from the deficit of $1.82 billion recorded in January last year, according to the latest statistics from Algerian Customs.

The drop resulted mainly from the rise in exports to $3.3 billion in the month, from $2.05 billion in January last year, a rise of 60.74%, or $1.25 billion, the Algerian Customs’ National Center of Data Processing and Statistics reported in Algiers Monday, Bernama reported.

The CNIS said imports have stabilized, reaching $3.89 billion in January this year against $3.88 billion in the same month a year earlier. Exports covered imports by more than 85% in January 2017 against 53% in January 2016.

Thanks to a recovery in oil prices, which rose to above $55 a barrel last month, hydrocarbon exports, which account for 94.11% of Algeria’s total exports, reached $3.11 billion, compared with $1.97 billion during the same month of, up by $1.14 billion, or 58%. Non-hydrocarbon exports rose to $195 million from $88 million previously.

As for imports, out of the seven groups of imported products, two recorded a drop in January, namely non-food consumer goods and semi-finished products.

Imports of food products rose to $736 million (from $629 million in January 2016), industrial capital goods to $1.51 billion (from $1.35 billion), agricultural capital goods to $50 million (from $39 million), raw materials to $150 million (from $144 million).

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