October 19, 2019 / 1:47 PM / 2 months ago

Energy revenue drop widens Algeria's trade deficit

ALGIERS, Oct 19 (Reuters) - Algeria’s energy revenue dropped 11.91% in the first eight months of 2019, causing the country’s trade deficit to rise by $1.63 billion from the same period a year earlier, official figures showed on Saturday.

The OPEC member North African country has been trying to cut its imports bill as it comes under financial pressure after a fall in energy earnings.

Oil and gas exports, which accounted for 92.82% of total sales abroad, reached $22.55 billion, down from $25.60 billion in the first eight months of 2018, according to the figures released by customs.

As a result, the trade deficit rose to $4.68 billion from $3.05 billion in the January-August period of last year.

The value of overall exports stood at $24.30 billion against $27.53 billion in the first eight months of 2018, while imports went down 5.26% to $28.97 billion in the same period of 2019. (Reporting by Hamid Ould Ahmed Editing by Frances Kerry)

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