ALGIERS- Algeria’s trade balance deficit fell by 68% during the first five months of 2021, reaching less than USD1.3 billion in the end of May 2021 against USD3.9 billion in late May 2020, the Ministry of Finance said Wednesday in a statement.
Imports were reduced to $ 15.2 billion (USD bn) in the first 5 months of 2021, from USD 18.9 billion in the same period of 2019, a decline of nearly 20%.
Hydrocarbon exports, for their part, increased by + 32.7% during the first 5 months of the current year, while non-hydrocarbon exports increased by + 81.71%.
The commercial coverage rate (of imports by exports) has, thus, improved appreciably to reach 92% at the end of 2021 against 72% at the end of May 2020.
“This reduction (of the trade deficit) is the result, on the one hand, of the sharp increase in global merchandise exports and, on the other hand, of the measures taken by the public authorities to regulate foreign trade,” explained the ministry.
The ministry observed, in this regard, that the level of foreign exchange reserves “resumed an upward trend during the month of May 2021”, a situation dubbed as “unprecedented” and “which has not been observed since several months “.