(MENAFN) Algeria recorded USD7.78 billion trade deficit for the first half of the year, marking a reversal from a USD3.2 billion surplus logged for the same period last year, Reuters reported.
The slump is attributable to declining profits due to lower oil prices, according to official data, which noted that the deficit increased gradually from USD6.3 billion in May to USD7.78 billion by June-end.
The fact that exports could only cover 71 percent of the cost of the country's imports has also significantly contributed in the increase of deficits.
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