The monthly trade deficit widened in July 2023, to 1,391.9 million dinars (MD), compared to 466.4 MD in June 2023, according to the External Trade report at current prices for July 2023 published by the National Institute of Statistics (INS) Tuesday. The export-to-import coverage ratio dropped by 13.2 points in July 2023 compared to June, reaching 78.9%. Exports drop 4.5% in July 2023 The INS attributed these results to the decline in exports by 4.5% in July 2023 compared to the previous month, reflecting the contraction in most sectors. The mining and phosphate sector was the largest contributor to this overall decline in exports, with a drop of 43.1%. Similarly, the textiles, clothing and leather sector posted a 10.2% decrease in sales. Exports also fell in the mechanical and electrical industries, miscellaneous manufacturing and energy sectors (-3.4%, -5.2% and -3.9% respectively). However, agriculture and agro-food recorded positive growth (+17.4%). Exports to the European Union (EU) almost stagnated (-0.5%) as a result of divergent trends between countries. Tunisia's exports to France (+2.5%) and the Netherlands (+75.8%) rose, while those to Germany (-12.4%), Spain (-21.1%) and Italy (-3.4%) fell. Outside the EU, exports fell by -13%, mainly due to the decline in exports to the United States (-33.3%), the United Kingdom (-21.8%) and the Maghreb countries (-10.4%). Increase in imports driven by energy Imports rose by 11.6% in July 2023, mainly due to an increase in energy imports. In particular, imports of energy products rebounded after two consecutive months of decline, with a sharp increase of 132.6%. They contributed 10% to total import growth. Excluding energy products, imports grew by only 1.7%, driven by a 9.3% increase in imports of raw materials, including inorganic chemicals. According to the INS report, imports of non-food consumer goods rose by 6.5%, mainly due to an increase in imports of cars. However, food imports fell by a significant 14.2% due to a decline in wheat imports. Imports of equipment also fell by 9.9% in July 2023. Imports from the EU increased slightly by 0.9%. This was due to increases in imports from Germany (+36.5%), Italy (+16.8%) and France (+15.1%), and decreases in Spain (-8.4%), Belgium (-17.3%) and the Netherlands (-15.4%). Outside the EU, imports picked up significantly by 11.4%, due to higher imports from Algeria (+588%), mainly for electricity, and from Russia (+64%), mainly for oil products.
Source: Agence Tunis Afrique Presse