Tunisia’s trade balance deficit has continued to widen for many years without the government taking any action to stop the bleeding or even slow it down. The result is there: a trade deficit that is reaching new heights, putting a dangerous and lasting strain on public finances. But what is Omar El Khattab doing?
The trade balance deficit indeed reached 13,708.3 million Tunisian dinars (MDT) over the first seven months of 2022, at current prices, against a deficit of 8,725.3 MTD, during the same period of 2021, according to the note on foreign trade published, Monday, August 15, 2022, by the National Institute of Statistics (INS).
During the first seven months of 2022, exports recorded an increase of (+23.1%), against (+23%) during the seven months of 2021. They reached the level of 32,544.9 MTD, against 26 431.1 MTD during the same period of 2021.
Similarly, imports recorded an increase of (+31.6%), against (+21%) during the first seven months of 2021.
In value, imports reached 46,253.2 MTD, against 35,156.4 MTD during the same period of 2021.
The coverage rate has lost 4.8 points in 7 months
Following this trend in exports (+23.1%) and imports (+31.6%), the trade balance settled at a level of (-13,708.3 MTD) against (-8 725.3 MTD) during the first seven months of 2021. The coverage rate lost 4.8 points compared to the same period of 2021, coming to 70.4%.
The increase observed in exports (+23.1%), during the first seven months of 2022, concerns several sectors. Indeed, that of energy increased by 60.2%, that of mines, phosphates, and derivatives by 69.4%, that of agro-food industries by 29.6%, that of textiles, clothing, and leather by 21 .6%, and that of the mechanical and electrical industries by 13.3%.
Tunisian exports to the European Union (68.6% of total exports) increased by 18.2%. This development is explained, on the one hand, by the increase in exports to certain European partners, such as France (+13.7%), Italy (+18.9%) and Germany (+21, 3%).
With the Arab countries, exports increased with Algeria (+15.3%) and with Libya (+28.4%).
The increase in imports of (+31.6%) comes from the increase recorded in the level of imports of energy (+89.7), raw materials and semi-finished products (+35.7%), consumer goods (+13.4%), and capital goods (+7.6%).
Trade in goods with the European Union (44.8% of total imports) went up by 19.1%, posting 20,742.3 MTD.
Imports increased by 20.7% in France, 35% in Italy and decreased in Germany (-0.3%).
Trade deficit widens with China and Turkey
Trade is also marked by the fall in sales to other countries, in particular the Netherlands (-11.9%) and Malta (-11.3%).
Consequently, the balance of the trade balance shows a deficit of 13,708.3 MTD. It remains largely explained by the deficit recorded with certain countries, such as China (-4,937.2 MTD), Turkey (-2,835.7 MTD), Algeria (-1,557.1 MTD) and Russia (-1,353.3 MTD).
On the other hand, the balance of the trade balance of goods recorded a surplus with other countries mainly France (2,349.6 MTD), Germany (1,798.9 MTD), and Libya (944.9 MTD ).
The results show that the trade balance deficit excluding energy is reduced to -8,778.2 MTD and that the energy balance deficit stands at -4,930.2 MTD (36% of the total deficit) against -2,349 MTD .3 MTD during the first seven months of 2021.
