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Economist and financial analyst Bassam Neifar said on the Midi Show program on Tuesday, January 14, 2025, that Tunisia’s trade deficit rising to TND 19 billion in 2024 was a large figure.
Neifar noted that olive oil saved Tunisia’s trade balance in 2024.
He said that without the price boom that allowed large quantities of olive oil to be exported and improved the food trade balance significantly, exports would have declined in 2024. He added that this points to problems affecting several industrial sectors.
Regarding how to control the trade deficit, Neifar stressed the importance of focusing on exports and moving toward new markets.
He said Tunisia must focus more on exports, restore momentum in the industrial sector, and use all available capacity in the phosphate sector.
He also emphasized the importance of strengthening Tunisia’s partnership with the European Union and finding a solution for the Ras Jedir border crossing.
Trade Deficit Rose in 2024
Indicators published on Monday by the National Institute of Statistics on foreign trade at current prices for December 2024 showed that Tunisia’s trade deficit for the whole of 2024 widened by 10.8%, reaching nearly TND 19 billion, compared with TND 17 billion in 2023.
The same indicators showed that the 2024 trade deficit, excluding the energy sector, fell to around TND 8 billion.
The energy trade deficit was estimated at TND 10.869 billion, compared with TND 9.665 billion in 2023.
The import coverage rate by exports fell by 1.8 percentage points compared with 2023, reaching 76.6%.
Results tracking Tunisia’s foreign trade at current prices during 2024 showed that exports remained stable at around TND 62 billion, while imports rose by 2.3% to TND 81 billion.
The stability in exports during 2024 was due partly to higher exports in the agricultural and food products sector, up 14.6%; energy, up 0.5%; and mechanical and electrical industries, up 1.2%.
On the other hand, exports declined in the phosphate and derivatives sector by 26.3%, and in textiles, clothing, and leather by 4.8%.
Increase in Imports
The increase in imports was attributed to higher imports of energy products, up 9.1%; capital goods, up 5.6%; and consumer goods, up 6.3%.
By contrast, imports of raw materials and semi-finished products declined by 2.6%, while food imports fell by 6.1%.
Tunisia’s trade deficit is also explained by deficits with several countries, including China, Algeria, Turkey, India, and Ukraine.
On the other hand, Tunisia recorded a goods trade surplus with several countries, most notably France, Germany, Italy, Libya, and Morocco.
Source: Mosaique