Tunisia's Foreign Trade Deficit Reaches 18,927.6 MTND in 2024
Tunisia's foreign trade deficit stood at 18,927.6 million Tunisian dinars (MTND) in 2024, compared to 17,069 MTND the previous year. Although this figure remains lower than the record high of 25,231.4 MTND in 2022, the coverage rate has decreased by 180 basis points to 76.6%.
By regime, offshore companies have saved the day, with a coverage rate of 173.6% compared to 33.7% for those operating under the general regime.
Geographically, the trade balance is deeply in the red with China (-9,071.4 MTND), followed by Russia (-5,384.4 MTND), Algeria (-4,357 MTND), Turkey (-2,844.3 MTND), India (-1,470.3 MTND), and Ukraine (-1,343.4 MTND). On the other hand, Tunisia has a net gain with France (5,163.5 MTND), Germany (2,362.6 MTND), Italy (1,955.3 MTND), Libya (2,299.6 MTND), and Morocco (267.8 MTND).
By product, the energy sector remains a major issue, with an energy trade deficit of 10,869.5 MTND, up from 9,665.7 MTND the previous year. Excluding energy, the gap stands at -8,058.1 MTND.
Exports totaled 62,077.6 MTND, stable compared to 2023. There was a significant increase in food exports (+15.8% to 8,474 MTND) and equipment goods (+6.0% to 11,754.4 MTND). However, exports of raw materials and semi-finished products decreased by 6.9% to 19,837.3 MTND, as did consumer goods (-2.0% to 18,163 MTND). Some activities are cause for concern, such as textiles and clothing, which saw a 5.1% decline in exports to 9,181.1 MTND. Similarly, exports of leather and footwear (-3.6% to 2,182.1 MTND), electrical industries (-1.6% to 17,229 MTND), and other manufacturing industries (-3.6% to 6,975.4 MTND) also declined. The exceptional olive oil season saved the day, otherwise exports would have decreased in volume.
Imports increased by 2.3% to 81,005.2 MTND, driven mainly by energy products and lubricants (+9.1% to 14,718.5 MTND) and other mechanical industries (+6.0% to 21,161.9 MTND).
This year, things are looking unfavorable. We risk a significant decline in exports as we will lose the benefit of the 2024 olive oil season, and it is unclear how other activities can make up for this shortfall. At the same time, our imports will increase as energy purchases remain sustained. We have been warned.
