Higher Algerian energy revenue cuts trade deficit in Q1 - customs

Higher Algerian energy revenue cuts trade deficit in Q1 - customs
Algeria's Energy Minister Mustapha Guitouni attends a meeting with his Tunisian counterpart Khaled Kaddour in Tunis
ALGIERS (Reuters) - Algeria's energy earnings rose 19.6 percent in the first three months of this year from the same period in 2017, cutting the trade deficit by 83.6 percent, official figures showed on Sunday.

Oil and gas exports, which accounted for 93.6 percent of total sales abroad, reached $10.03 billion, up from $8.38 billion in the first three months of 2017.

The overall value of exports stood at $10.71 billion, against $8.93 billion in the fisrt quarter of 2017, while imports declined 6 percent to $11.2 billion.

Fuel was among the main products imported in the first quarter of 2018, with the bill going up by 31.4 percent to $481 million.

Algeria has imposed imports restrictions for some goods in a bid cut spending on purchases after a fall in energy earnings after 2014.

(Reporting by Hamid Ould Ahmed; Editing by Ulf Laessing and Edmund Blair)

2018-04-22 16:01:26

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