Strong growth in energy sector exports of 79.3%

By: Mohamed Ben Abderrazek

In August 2023, the energy sector experienced a robust surge in exports, marking an impressive growth of 79.3%. This remarkable upswing was primarily fueled by increased crude oil exports to Italy. Additionally, exports from the mining, phosphates, and derivatives sectors also saw a significant rise of 37.5%, particularly directed towards the United States.

The dynamics of these exports, when expressed at current prices and adjusted for seasonal variations and calendar effects, underscore the sector’s vitality. This robust performance can be attributed to a delicate interplay of factors, most notably the quantities traded, the dollar/dinar exchange rate ($/DT), and the price of Brent crude.

Tunisia’s dinar has shown consistent improvement in recent months against various foreign currencies, appreciating by a substantial 3% to 4% against the US dollar since June. Given that the US dollar is the predominant currency in energy trade, this uptick has notably impacted the sector’s dynamics.

Furthermore, the price of oil has experienced a significant uptick since June, with benchmark prices surging nearly 20% to reach $74 per barrel of Brent crude. These prices have even surpassed the peak observed in April, reaching unprecedented highs in multiple sessions throughout 2023.

It’s worth highlighting that the National Energy and Mines Observatory (ONEM) under the Ministry of Industry, Mines, and Energy reported in June 2023 that the national production of crude oil stood at 784 thousand tonnes by the end of that month. This was in conjunction with a total of 17 valid permits, including 14 research permits and 3 prospecting permits. Additionally, there are 56 concessions in total, with 44 of them dedicated to production, reflecting the sector’s robust and diverse activities.