The value of Algeria’s exports decreased by about a third in 2020 due to the drop in the price of oil latest news

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A senior official at the Algerian Ministry of Trade said Thursday that the value of OPEC member Algeria’s total exports amounted to $ 23.8 billion in 2020, down 33 percent from the previous year due to the decline in crude oil prices.

Algeria relies heavily on oil and gas, as they finance 60 percent of the general budget and account for 94 percent of total exports.

Khaled Bouchalaghm, director of the ministry’s foreign trade department, told APS that the value of imports of goods and services decreased 18 percent to $ 34.4 billion in 2020.

Algeria is under financial pressure from the Coronavirus pandemic, which has caused a decline in global demand for oil and a drop in prices.

In an effort to cope with the trade deficit caused by declining energy revenues, the government is trying to reduce spending on imports.





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