✏️ BY: Dr. Hana Saada
Algiers, Algeria | August 9th, 2024 — Minister of Trade and Export Promotion, Tayeb Zitouni, addressed the recent decline in non-hydrocarbon exports during a press statement following a diploma award ceremony at the Algerian Chamber of Commerce and Industry (CACI). The discussion centered around the 2023 annual report from the Bank of Algeria, which highlighted a drop in non-hydrocarbon export values to $5.058 billion, down from $5.978 billion in 2022—an overall decrease of 15.4%, equating to $919 million.
Minister Zitouni clarified that the reduction pertains to export value rather than volume. He attributed this decline to the stabilization of commodity prices, which had previously surged due to the COVID-19 pandemic. Key commodities impacted by this stabilization include phosphates and fertilizers.
Despite the decline in export value, Zitouni expressed optimism about the upward trend in export volumes. He anticipated that this growth trajectory would continue and potentially accelerate in the near future.
The Bank of Algeria’s report further elucidates that the reduction in non-hydrocarbon export value is mainly due to a decrease in semi-processed products, despite a rise in exports of foodstuffs and electricity. Semi-processed products, which made up 78.6% of non-hydrocarbon exports, saw a significant decline of approximately 21.8%, dropping from $5.086 billion at the end of 2022 to $3.977 billion at the end of 2023.
A notable decline was observed in fertilizer exports, which fell by $1.556 billion from $3.243 billion in 2022 to $1.687 billion in 2023. This drop is largely attributed to a sharp decrease in global natural gas prices, which heavily impact fertilizer production costs.
On a more positive note, food exports increased by $159 million, or 59.1%, reaching $428 million by the end of 2023, up from $269 million in 2022. This growth is primarily driven by a rise in sugar exports, which surged by $154 million.
Additionally, electricity exports improved from $162 million at the end of 2022 to $285 million by the end of 2023. However, raw product exports, which constitute 5.1% of non-hydrocarbon exports, experienced a slight decline of $7 million, or 2.8%, due to reduced exports of recyclable paper and cardboard.
Overall, Algeria’s total goods exports amounted to $55.554 billion by the end of December 2023, marking a decrease of $10.161 billion, or 15.5%, from $65.716 billion in 2022. This decline is primarily attributed to a drop in hydrocarbon exports, which fell by $9.242 billion, or 15.5%, from $59.738 billion in 2022 to $50.496 billion in 2023.
The reduction in hydrocarbon export value was due to lower global oil and gas prices, although the quantity of hydrocarbons exported, measured in tonnes of oil equivalent (TOE), increased by 3.5%. This increase was driven by a 6.4% rise in gaseous hydrocarbons, while liquid hydrocarbons saw a modest increase of 0.5%.
In contrast, imports of goods rose by 10.5%, from $38.757 billion at the end of December 2022 to $42.842 billion at the end of December 2023. This increase primarily involved industrial equipment, non-food consumer goods, and other products.
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