Tunisia's Energy Trade Deficit Continues to Weigh on External Accounts
The deficit in Tunisia's energy trade balance continues to impact the country's external accounts. As of the end of May 2026, the deficit, taking into account the royalties from Algerian gas exports, reached 5,767 million dinars (MD), compared to 4,373 MD during the same period in 2025, representing a 32% increase, according to the energy situation report from the National Observatory of Energy and Mines, as reported by the TAP Agency.
Context of Rising Energy Exchanges
This development occurs in a context marked by a parallel increase in energy exchanges. Over the first five months of the year, the value of energy product exports increased by 32%, while imports recorded a similar rise.
Factors Influencing the Energy Balance
The evolution of the energy balance remains strongly linked to international market conditions. The Observatory notes that sector exchanges depend primarily on three factors:
- Volumes exchanged
- Exchange rate between the US dollar and the Tunisian dinar
- International oil prices, particularly Brent, which is used as a reference to set crude oil and petroleum product prices
Impact of Global Market Trends
In May 2026, the price of Brent increased by $43.3 per barrel compared to May 2025. This rise is explained by geopolitical tensions in the Middle East and concerns over oil traffic in the Strait of Hormuz, according to the same source.
Partial Mitigation of Price Increases
In contrast, the Tunisian dinar recorded a 3% improvement against the US dollar over the same period. This development partially limited the impact of rising international energy prices, as sector transactions are primarily conducted in this currency.
