Low oil prices hit Algeria Jan to July trade surplus

Lower global oil prices slashed OPEC member Algeria’s trade surplus to $1.45 billion in the first seven months of 2009 from $24.85 billion in the same period last year, official figures showed.

Exports stood at $24.695 billion, down 48 percent from the first seven months of 2008, while imports rose 3.2 percent to $23.246 billion, official news agency APS reported late on Sunday, citing customs data.

The value of oil and gas sales abroad, which accounted for 97 percent of total exports, fell 48 percent to $23.97 billion, it said.Algeria’s trade surplus rose to $39.07 billion in 2008 from $32.53 billion the previous year.

Tags:  OPEC