Significant Rise in Algeria’s Trade Deficit as Energy Revenue Plunge

OPEC member Algeria's energy earnings fell 28.17% in the first two months of 2020, causing the trade deficit to rise by nearly 80% from the same period a year earlier, the government said on Sunday.

Algeria has been trying to cut its imports bill after a sharp fall in energy revenues caused by a slide in global crude oil prices and domestic output volumes.

The value of oil and gas exports, which accounted for 93.08% of Algeria's total sales abroad, stood at US$4.56 billion, down from US$6.35 billion during January-February 2019, according to customs figures.

That caused the trade deficit to rise to US$1.23 billion from US$686.51 million in the first two months of last year.

Overall exports reached US$4.9 billion in January-February 2020, against US$6.795 billion in the same period a year earlier, while imports fell 18.07% to US$6.129 billion in the first two months of this year.