(Ecofin Agency) - The surplus recorded by Algeria is mainly due to a sharp increase in the value of its exports, following the rebound in oil prices.
Algeria recorded a US$5.68 billion trade surplus in the first half of 2022, against a US$1.34 billion deficit a year earlier. The figures were published by customs authorities on Monday, July 25.
The surplus is mainly due to a 48.3% increase in exports, which stood at US$25.92 billion during the period, thanks in particular to the rise in oil prices.
Between January 1st and June 30, imports reached US$20.22 billion, up 7.41% compared to the first half of 2021. The foreign trade coverage ratio was 128.2% in the first half of 2022 against 92.8% a year earlier.
According to customs data, the country’s main clients during the period were Italy (21.83% of exports), Spain (12.13%), France (9.94%), the Netherlands (7.38%), and the United States (5.75%). Its main suppliers were China (16.5% of imports), France (7.17%), Brazil (6.51%), Argentina (6.44%), and Italy (5.83%).
Meanwhile, its foreign exchange reserves now cover about 12 months of imports, customs authorities add.