Algeria Trade Deficit Sharply Down

Algeria’s trade deficit declined by 83.6% to $490 million during the first quarter of 2018, compared to $2.98 billion a year ago, said Customs’ National Center for Data and Statistics on Sunday, Xinhua reported. Such a remarkable decline is essentially due to the increase in exports by 20% to $10.72 billion between January and March, against $8.94 billion in the same period in 2017. The increase in exports is because of the rebound in oil prices since last year. Imports slightly dropped by 6% to $11.2 billion in the first quarter of 2018, compared with $11.92 billion in the same period last year, the figures showed. The decline in imports is due to the government’s decision to impose licenses on importers, in a bid to block the imports of “unnecessary goods”, such as vehicles, building materials, luxury furniture and exotic fruits. Such a decision was meant to curb upshots of the financial crisis hitting the North African nation after the fall in oil prices.