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Algeria suffers 15.8 bln USD trade deficit in first 10 months

Xinhua, November 21, 2016 Adjust font size:

Algeria recorded a trade deficit of 15.8 billion U.S. dollars in the first 10 months of 2016, up from 13.76 billion dollars a year earlier, APS news agency said on Sunday quoting a report of the Customs' Statistics and Data Center (CNIS).

According to the report, from Jan. to Oct. 2016, exports dropped 23.44 percent to 22.74 billion U.S. dollars, down from 29.7 billion dollars a year earlier.

Imports also declined by 11.34 percent to 38.54 billion dollars, against 43.46 billion dollars in 2015.

Hydrocarbon revenues, which account for 93.75 percent of the Algeria's total exports, declined 24.07 percent to 21.32 billion dollars in the first 10 months, against 28.08 billion dollars in the same period of 2015.

The dramatic drop in crude prices, from about 115 dollars a barrel to less than 50 dollars, has strongly affected Algeria's economy, forcing the country to adopt austerity measures for the coming years. Endit