The energy trade deficit, which includes revenues from exported Algerian gas, widened by 5% to TND 4,262 million at the end of June 2023 compared to the same period in 2022, according to the June 2023 Energy and Mining Economic Outlook report published on Monday by the National Observatory of Energy and Mining, under the Ministry of Industry, Mines and Energy.
The value of exports of energy products fell by 28%, coinciding with an 8% decrease in the value of imports. The Observatory highlighted that trade dynamics in the energy sector are highly sensitive to three key factors: traded volumes, the dollar-Tunisian dinar ($/TND) exchange rate, and Brent crude oil prices.
Indeed, in June 2023, Brent crude prices were more than $49 per barrel lower than in June 2022. It is worth noting that “bbl” denotes an American unit of capacity equivalent to approximately 158.98 litres.
In the same period, the Tunisian dinar depreciated by 3% against the US dollar, the main currency for the exchange of energy products, between the end of June 2022 and the end of June 2023.
On the other hand, gas prices recovered from January 2021 onwards, after having reached their lowest point (in $ terms) in December 2020. From January 2021, the trend resumed to the upside, maintaining an overall downward trend until September. A new decline has been observed from January 2023.
Source: Agence Tunis Afrique Presse