Trade Balance Deficit Widens to 16,764.5 MTND in First 11 Months of 2024
The trade balance deficit for the first 11 months of 2024 has reached 16,764.5 MTND, exceeding the deficit recorded last year (-16,539.2 MTND). The coverage rate stands at 77.3%. Excluding energy, the deficit is limited to -6,952.5 MTND. The energy balance shows a negative balance of -9,812 MTND (-9,110.3 MTND as of November 2023).
Exports Rise by 1.7% to 57,056.9 MTND
Exports have reached 57,056.9 MTND, up 1.7% year-over-year. The best performances come from the agri-food industries (+23.7% to 8,319.9 MTND), energy (+9.4% to 3,583.1 MTND), and mechanical and electrical industries (+1.5% to 26,458 MTND). On the other hand, exports from the mining, phosphate, and derivatives sector have decreased by 24.2% (1,832.9 MTND), while those from the textile-clothing and leather sector have fallen by 4.5% (10,475.2 MTND).
EU Remains Main Client, Absorbing 69.4% of Total Exports
The European Union is our main client, absorbing 69.4% of total exports. Exports to Libya have decreased by 11.8% year-over-year, mainly due to the closure of the Ras Jedir border crossing. On the other hand, trade with Algeria has increased by 38.8% compared to the same period in 2023.
Imports Rise by 1.6% to 73,821.4 MTND
Imports have totaled 73,821.4 MTND, up 1.6% compared to 2023. There has been an increase in purchases of energy products (+8.2%), equipment goods (+4.8%), and consumer goods (+6.1%). In parallel, a decrease is observed in imports of raw materials and semi-finished products (-3.5%) and food products (-7.3%).
Deficit Mainly Due to Trade with China, Russia, Algeria, Turkey, and India
The deficit is mainly due to trade with China (-8,167.2 MTND), Russia (-4,990.4 MTND), Algeria (-3,835 MTND), Turkey (-2,557.8 MTND), and India (-1,290.2 MTND).
Surplus Recorded with France, Germany, Italy, Libya, and Morocco
On the other hand, the trade balance has recorded a surplus with other countries, mainly France (4,890.5 MTND), Germany (2,218.8 MTND), Italy (1,780.2 MTND), Libya (1,996.4 MTND), and Morocco (229.5 MTND).
Economic Challenges Persist
We continue to face the same problems, especially as economic gloom persists. The decrease in imports of raw materials, semi-finished products, and consumer goods is not a good sign for growth. The increase in equipment goods is likely due to replacement investments or new projects. In the end, nothing has really changed to improve the trade balance.
