Algeria’s trade deficit hits $4.3bn in Q1
The North African country of Algeria has recorded a USD 4.3 billion trade deficit for the first fiscal quarter of 2015.
The whopping figure was released by the country’s Customs Department and reported by local media.
Algeria, a member of the Organization of the Petroleum Exporting Countries (OPEC), reported the shortfall on Monday.
The North African country’s Customs Department said in its report that the figure was a revision of a USD 3.4 billion surplus it announced last year.
The main reason behind Algeria’s deficit was the steep drop in oil prices that began to crash late last year.
This is the first official report to come out of the African country showing the severe impact of oil price slump on Algerian economy.
Oil and gas exports account for 93.5 percent of Algeria’s total exports.
However, this wasn’t the case in the period from January to April, when crude oil and gas exports accounted for only 42.8 percent of the country’s overall exports, according to customs figures.
The decline in the country’s oil and gas exports was mostly due to market glutting as surplus oil in the market barred some exporting countries from finding enough customers.
In December, a report indicated that the OPEC member state would post a USD 51.2 billion deficit in 2015 due to the sharp fall in oil prices, and the deficit was reflected in the annual budget bill which was signed by President Abdelaziz Bouteflika.
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