Algeria’s exports hit by falling oil prices

Exports plummeted by 42.07 percent in first quarter of 2009 compared to same period in 2008.

• ALGIERS – Falling oil prices meant Algeria’s exports plummeted 42.07 percent to 10.74 billion dollars in the first quarter of 2009, compared to the same period in 2008, said official figures released Monday.
• The cost of imports meanwhile were up 10.07 percent over the same period to 9.42 billion dollars (7.29 billion euros), said the statistics office CNIS for Algeria’s customs office, cited by Algeria’s APS news agency.
• The crash in exports was largely due to the price of petrol, which fell from 110 dollars a barrel at the start of 2008 to around 52 dollars in the first quarter of 2009, slashing the trade surplus by 1.32 billion dollars.
• Italy was Algeria’s main client for exports at the start of 2009, accounting for 2.25 billion dollars, followed by the United States (1.96 billion dollars), Spain (1.74 billion dollars) and France (1.27 billion dollars).
• France was Algeria’s main supplier with imports to the tune of 1.64 billion dollars, followed by Italy (1.09 billion dollars) and China (846 million dollars).