Algeria oil exports plunge 45% through May

ALGIERS: Algeria's oil export revenue plunged 45.5% in the first five months of 2015, throwing the balance of trade into the red, customs figures showed Tuesday, 23 June.

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

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

The decline in revenues resulted from a sharp drop in the oil price. Overall, Algerian exports totalled $15.94bn, a decline of 43.7%, while imports fell 10.22% to $22.33bn.

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

Source: AFP