The Algerian government has placed a noteworthy focus on diversifying its economy away from hydrocarbon dependency, concentrating on boosting non-hydrocarbon exports as a fundamental strategy to strengthen the national economy in a post-oil era. The Minister of Trade and Export Promotion, Tayeb Zitouni, recently shared encouraging news: Algeria registered a trade surplus of $10.42 billion in the 10 months from January to November 2023, with non-hydrocarbon exports contributing $5.07 billion to this achievement.
Since turning a corner in September 2022, Algeria has seen constant success in its trade and export figures. From January to November 2023, while imports amounted to $44.32 billion, total exports attained $54.75 billion, of which non-hydrocarbon products accounted for $5.07 billion. These figures, presented by Minister Zitouni before the Finance Committee of the National Assembly, emphasise the robust state of Algeria’s commercial sector and export performance.
It’s significant to note that these figures exclude the services sector, focusing exclusively on goods. Further, Zitouni provided insights into retail sales imports, revealing a total expenditure of $10.1 billion, which includes $1.85 billion spent on importing cars across various segments.
Another area of progress mentioned was the increase in import licenses given last year. The ministry processed 11,246 invoices for 7,254 importers, revealing a vibrant and dynamic import sector. As Algeria awaits its macroeconomic indicators for 2024, the current data paints a promising picture of economic diversification and trade health, signalling positive momentum for the country’s economic strategies.