Tunisia's Trade Deficit Nearly Doubles in First Two Months of 2025
During the first two months of 2025, Tunisia's trade deficit (FOB-CAF) almost doubled, reaching 3.518 billion Tunisian dinars (Mtnd) compared to 1.784 Mtnd during the same period in 2024, according to data published by the Central Bank of Tunisia (BCT). This increase is mainly explained by a surge in imports combined with a decline in export revenues.
In fact, exports decreased by 4.4% year-over-year, amounting to 10.169 Mtnd. This decline is primarily due to the poor performance of the agricultural sector and agri-food industries, whose exports plummeted by 16.5% after a 56.5% surge the previous year. The mechanical and electrical industries also contributed to the decline, with a 5% drop compared to a 4.3% increase at the end of February 2024.
In parallel, imports rose by 10.2%, reaching 13.687 Mtnd. This increase affected all product groups. Raw materials and semi-finished products grew by 11.9%, consumer goods by 14.3%, and capital goods by 12.5%. The energy bill remains high, at 2.277 Mtnd, a level considered historically significant.
Excluding energy, the trade deficit reached 1.672 Mtnd at the end of February 2025, compared to a slight surplus of 39 Mtnd the previous year.
The primary and secondary income balance recorded a surplus of 738 Mtnd, compared to 513 Mtnd in 2024. Labor income, in particular, increased to reach 1.264 Mtnd (396 million USD), compared to 1.185 Mtnd (381 million USD) the previous year.
Despite these performances in services and transfers, the current account deficit widened significantly. It reached 1.654 Mtnd at the end of February 2025, compared to only 113 Mtnd the previous year. Excluding energy, the current account balance shows a surplus of 191 Mtnd, well below the 1.710 Mtnd surplus of 2024.
Finally, pressure on external payments, particularly related to debt service, weighed on foreign exchange reserves. These decreased to 23.271 Mtnd (7.281 million USD), equivalent to 102 days of imports, compared to 27.332 Mtnd (121 days) at the end of 2024, representing a 14.9% decline.
