Trade deficit narrows to -8016.6 MD in first half of 2024

Tunis: The trade deficit has narrowed, reaching (-8016.6 MD) in the first half of 2024 compared to (-8684.7 MD) in the same period of 2023.The coverage rate increased by 1.6% compared to the same period in 2023, standing at (79.9%), according to the June 2024 Foreign Trade Note in Current Prices, published on Friday by the National Institute of Statistics (INS).This deficit primarily stems from the negative trade balances with some countries, including China (-4003.9 MD), Russia (-2965.9 MD), Algeria (-1966.1 MD), Turkey (-1398.9 MD), Greece (-842.3 MD), and Ukraine (-718 MD).Conversely, the trade balance showed a surplus with other countries, namely France (2862.2 MD), Italy (1192.9 MD), Germany (1196.3 MD), Libya (961.8 MD), and Morocco (139.1 MD).The non-energy trade deficit decreased to (-2222.6 MD), while the energy trade deficit stands at (-5794.1 MD) compared to (-4891.8 MD) in the first half of 2023.Exports Increase by 2.2%The results of Tunisia's External Trade at Current Prices for the f irst half of 2024 showed that exports increased by 2.2%, compared to (+10%) in the same period in 2023, reaching 31953.8 MD against 31271 MD in the first half of 2023.This rise is mainly due to a 45.7% increase in agrofood industry exports, driven by higher olive oil sales (3405.9 MD compared to 1813.3 MD, as well as increases in energy sector exports (+14.6%) and mechanical and electrical industries exports (+0.4%).However, exports in the mining, phosphates, and derivatives sector declined by 30.4%. Similalry, exports in the textile, clothing, and leather sectors fell by 9.2%.Stability of Imports (0.04%)Imports remained stable, recording a slight increase (+0.04%) compared to (-0.6%) in the same period in 2023. In value, imports reached 39970.4 MD against 39955.6 MD in the first half of 2023. This stagnation is due to a decrease in imports of raw materials and semi-finished products (-5.3%), which account for 34% of total imports, and an increase in energy products (+17.5%), capital goods (+1.1%), an d consumer goods (+2.7%).Geographical Distribution of TradeTunisian exports to the European Union (69.9% of total exports) increased by (+0.5%). This growth is explained by growing exports to several European partners, such as Italy (+6.1%), Spain (+30.4%), and Belgium (+4.9%). However, exports decreased with France (-2.1%) and Germany (-4.7%).In Arab countries, exports recorded an increase with Algeria (+41.5%) and Egypt (+13.5%), yet they declined with Libya (-19.8%) and Morocco (-18.6%).Regarding imports from the European Union (44% of total imports), they recorded an increase of (+0.5%), reaching 17600.6 MD. Imports rose with Germany (+13%) and Spain (+6.2%), but decreased with Italy (-8.4%), France (-2.7%), and Belgium (-23.5%).Outside the European Union, imports increased with Russia (+2.4%), India (+13.9%), and Switzerland (+8.6%), but decreased with the USA (-15.6%), Turkey (-6.5%), and China (-1.5%).Source: Agence Tunis Afrique Presse