Monthly trade deficit widens by 12% in May (INS) [Upd 1]

29/06/2024 12:50, TUNIS/Tunisia

Tunis, June 29 (TAP)- The monthly trade deficit widened by 12% in May 2024 compared with the previous month, to TND 1,442.1 million, compared with TND 1,268 million in April, according to the National Institute of Statistics (INS).

The export-import cover ratio fell by 2.3 points compared with April 2024, to stand at 78.6%.

In May, trade was marked by a 1.3% fall in exports, and a 1.5% rise in imports compared with the previous month.

Excluding energy products, exports were almost stagnant (0.1%), while imports were up by 6%.

//Exports in the agriculture and agri-food sector down 10.9%//

The decline in exports is explained by falls in certain sectors, notably agriculture and agri-food, which were down by 10.9%.

The energy and lubricants sector also suffered a decrease, down 26.1%. The mechanical and electrical engineering industry saw a slight fall of 1.5%.

Other sectors, on the other hand, recorded increases. Exports of textiles, clothing and leather grew by 13.9%, with a notable rise of

15.7% for textiles and clothing and 6.7% for leather and footwear.

In addition, the mining, phosphates and derivatives sector posted substantial growth of 18.3%. Exports of miscellaneous manufacturing industries were nearly stagnant at 0.4%.

Exports to the European Union increased by 6.1%, with a sharp rise of 28.3% to Germany. Exports to Spain were up by 7.9%, Italy by 1.7% and France by 1.3%.

Likewise, exports to the Maghreb Union countries picked up, with an increase of 27.2%, despite the 29.7% drop recorded with Egypt.

On the other hand, exports to the United States fell by 22.5%, the United Kingdom by 14% and Russia by 20.4%.

//Imports of raw materials and semi-finished products up by 14.6%//

Growth in imports was driven mainly by a 14.6% rise in imports of raw materials and semi-finished products.

Furthermore, after two months of decline, food imports rebounded by 20%.

Conversely, purchases of capital goods remained fairly stable, with a slight rise of 0.6%. Imports of energy products continued to fall for the second consecutive month in a row, down by 15.4%. Consumer goods also fell by 5.4%.

Imports from the European Union were almost flat. However, imports showed major increases from Italy (+39.1%) and Spain (+33.7%).

Conversely, imports from Germany were down by 3.9%, Malta by 49.5% and the Netherlands by 18.9%.

Imports from the Maghreb region rose by 9.3%, with 35.3% increase from Egypt.

Meanwhile, imports from Russia fell by 35.6%, China by 2.6%, the UK by 6.6%, and Turkey by 9.3%.

Imports from Switzerland, however, rose by 113.1%, and from the United States by 36.1%.

Provided by SyndiGate Media Inc. (Syndigate.info).