Opec member Algeria recorded a trade deficit of $6.3 billion for the first five months of 2015, compared to a $3.44 billion surplus a year earlier, due to lower energy earnings after global oil prices slumped, official data showed on Tuesday. That pushed down the coverage of imports by exports to 71 percent, from 114 percent in the first five months of 2014.
The trade deficit was $4.3 billion in the first four months of the year. Oil and gas exports, which accounted for 93.5 percent of Algeria's total exports, dropped 45.5 percent to $14.9 billion in the January-May period, according to customs figures. The value of overall exports during the period declined 43.7 percent year-on-year to $15.9 billion, while imports fell 10.2 percent to $22.3 billion, the figures showed. Algeria has been trying to restrict imports after the fall in crude prices. World oil prices have declined by about half since June last year as oil output increased while growth in demand slowed.
Comments
Comments are closed.