Algeria loses $3 billion in two months

Algeria’s economy started experiencing the « oil price » crisis repercussions as its trade balance had a $341 million deficit in Jan-Feb compared to about a $2 billion surplus last year. Exports decreased by 31 percent. That means Algeria’s loss due to oil price fall is estimated at more than $3 billion.

According to Customs’ National Center for Statistics, the trade balance reached a “dangerous” threshold as Algeria’s hydrocarbon exports went down in Jan-Feb.

The government took many measures to face the oil crisis such as expenses optimization and revising public projects order.

Imports reached $8.6 billion in Jan-Feb compared to $9.11 last year.

Earlier, the commissioner of the Algeria Bank Mohamed Laksassi said commercial good imports big flow and the decreasing exports caused commercial surplus fall. By the end of 2014, it was estimated at $0.59 billion only compared to $9.73 billion in 2013. It has been the weakest commercial surplus ever since 1998.