Algeria oil exports plunge 45% through May

Jun 23, 2015 12:00 AM

Algeria's oil export revenue plunged 45.5 percent in the first five months of 2015, throwing the balance of trade into the red, customs figures showed Tuesday.

Oil exports, which account for more than 95 percent of all sales abroad, were 14.91 billion (13.31 billion euros), against 27.35 billion a year earlier, APS news agency said quoting customs statistics.

That sent the trade balance into a deficit of 6.38 billion from a surplus of 3.44 billion.

The decline in revenues resulted from a sharp drop in the oil price.

Overall, Algerian exports totalled 15.94 billion, a decline of 43.7 percent, while imports fell 10.22 percent to 22.33 billion.

The North African country's main customers were Spain, the Netherlands, Italy, France and Britain.

 

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