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Tunisia’s Exports Grow Faster than Imports

Tunisia’s Exports Grow Faster than Imports
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Tunisia’s Exports Grow Faster than Imports

Tunisia’s Exports Grow Faster than Imports

Tunisia's National Institute of Statistics, a government agency, has revealed that the coverage of exports to imports rose to 72 percent during the first five months of the current year, compared with 67.3 percent during the same period last year.

The volume of trade deficit in this period amounted to at least 6.6 Tunisian dinars (about $2.6 billion), it said.

The European Union continues to top the list on the level of Tunisian trade, and France, Italy and Germany have the most trade exchanges.

Tunisia's exports improved markedly, rising by 27.5 percent in the first five months of this year while imports increased by 19.3 percent.

Last year, the Tunisian government identified a list of 220 imported products and called on local banks not to fund them through the Tunisian central bank, in an effort to curb the decline in foreign exchange reserves, which fell to record levels in terms of imports, covering not more than 72 days.

According to Tunisian economic and financial experts, the improved performance of Tunisian exports is mainly due to the positive growth of exports of agricultural products, which rose by 81.8 percent due to the increase in the sale of olive oil to 1.2 billion Tunisian dinars and the date revenues to 438.8 million dinars.

In the past five months, exports of the energy sector grew 32 percent. This was due to higher crude oil sales to BD 842.8 million in addition to increase of exports of laboratory materials by 27.3 percent, textile and clothing and leather by 23.1 percent and exports of mechanical and electrical products by 19.5 percent.

Despite the Tunisian authorities' attempts to diversify their foreign markets and end EU dominance over export and supply activity, recent figures indicate that Europe accounted for 72.2 percent of Tunisian exports, up 23.14 percent.

Tunisian economist Karim Balkhla stressed in this regard that the improvement in economic performance in Europe has added improved Tunisian exports.

He considered Europe to be an important market due to its geographical location and the long established tradition of trade between Tunisia and the EU states.

In this context, Tunisia's imports from EU states accounted for 55.6 percent of total imports and in turn showed a rise of 21.3 percent.

Explaining Tunisia's continued trade deficit with several economic players despite the improvement in exports, the Tunisian Institute said that trade with several countries, including China suffers an imbalance of about two billion Tunisian dinars and Italy about 1.1 billion dinars, Turkey 868 million dinars, Russia around 534.6 million Tunisian dinars and Algeria about 465.6 million dinars.

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Saudi Arabia Stockpiles Surplus Oil Production to Face Global Crises

Employees at Aramco (Asharq Al-Awsat)
Employees at Aramco (Asharq Al-Awsat)
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Saudi Arabia Stockpiles Surplus Oil Production to Face Global Crises

Employees at Aramco (Asharq Al-Awsat)
Employees at Aramco (Asharq Al-Awsat)

Saudi Arabia has long followed a clear and transparent approach to preserving stability in global energy markets. Historically, it has consistently adhered to all decisions issued by the OPEC+ alliance and played a leading role alongside other producers to ensure compliance and promote the collective good.

Recently, the Kingdom briefly increased production volumes. However, the additional output was neither marketed domestically nor exported abroad. Instead, it was directed as a precautionary measure to strengthen strategic reserves, improve supply flows between the country’s eastern and western regions, and rebalance stocks held in overseas storage facilities.

Asharq Al-Awsat reached out to energy specialists to understand the significance of this move for energy security. Experts explained that building strategic reserves allows Saudi Arabia to respond swiftly to customer needs in the event of political crises, regional wars, adverse weather, or other unforeseen disruptions.

Fouad Al-Zayer, former head of data services at OPEC and an energy expert, said the Kingdom maintains millions of barrels in storage both inside and outside its borders. These reserves serve as a buffer during emergencies, enabling the country to compensate for supply shortfalls within a short timeframe. He emphasized that this stored crude is strategically critical in the face of geopolitical tensions and conflicts.

According to Al-Zayer, Saudi Arabia relies on an extraordinary reserve capacity unmatched by any other producer. The country currently produces more than 9 million barrels per day, with the capability to pump even higher volumes if needed. He noted that Saudi reserves alone account for 3 million barrels per day out of roughly 5 million barrels in global spare capacity, underscoring Riyadh’s central role in stabilizing markets and upholding its commitments under OPEC+ agreements.

He added that Saudi Arabia also hosts the International Energy Forum, which works to improve data quality and transparency in the sector. In June, the Kingdom’s output reached about 9 million barrels per day, with the modest increase attributed to logistical considerations. Al-Zayer stressed that it is common for producers to temporarily boost production to support maintenance operations or replenish storage, without impacting the broader market, since these barrels are not immediately traded.

He reiterated that Saudi Arabia has always honored OPEC+ production targets and has played a pivotal role in encouraging other members to meet their quotas.

Meanwhile, Dr. Mohammed Al-Sabban, former senior adviser to the Saudi Minister of Petroleum, explained that the Kingdom has consistently proven itself a reliable and secure supplier to global energy markets. He noted that Saudi Arabia’s recent statement clarified the reasons behind the June production uptick, emphasizing that the additional oil was neither destined for local consumption nor for export but was solely intended to refill domestic and foreign storage. He said such measures do not represent any breach of commitments, unlike the practices of some other countries.

Al-Sabban pointed out that Saudi Arabia has often gone beyond required cuts to help stabilize markets. Even the recent production increases, he said, fall within the scope of voluntary adjustments agreed upon by OPEC+ members. He noted that in July, Saudi Arabia raised production in line with credible studies indicating the market could absorb these volumes without disruption.