Tunisia Achieves Over 1 Billion Dinars Surplus in Food Trade in Q1 2024

Tunisia has made significant strides in its food trade sector during the first quarter of 2024, with a remarkable turnaround from a deficit to a surplus. Local media reports indicate that the country's food trade balance has exceeded 1 billion dinars, marking a positive shift from a deficit of 110.3 million dinars during the same period last year. 

The first quarter of 2024 witnessed substantial growth in Tunisia's food exports, with a remarkable increase of 57.5%. Meanwhile, food imports experienced a decline of 6.7%. The surplus can be primarily attributed to the significant increase in exports of olive oil (+103.2%), seafood (+46.0%), and dates (+18.4%). Conversely, the import of sugar witnessed a substantial decline of 52.1%. However, imports of grains (+0.9%) and vegetable oils (+12.5%) continued to show growth.

Analyzing the price aspect of Tunisia's food trade, there were notable changes. Import prices for hard wheat decreased by 15.9%, while soft wheat saw a decline of 24.4%. Barley prices dropped by 31.5%, and maize prices decreased by 25%. Vegetable oil prices experienced a decline of 24.7%, while dairy products witnessed a decrease of 7%. On the other hand, sugar prices saw a significant increase of 38.2%.

According to data from Tunisia's National Institute of Statistics, the country's overall trade deficit narrowed by 20.58% during the first quarter of 2024, amounting to approximately 3.054 billion dinars. This is a considerable improvement compared to the same period in the previous year when the deficit stood at 3.846 billion dinars. In terms of the overall trade balance, food imports accounted for 9.5% of total imports, while food exports constituted 18% of total exports.

Tunisia's impressive performance in achieving a surplus of over 1 billion dinars in food trade during the first quarter of 2024 highlights the country's growing strength in the international food market. The significant increase in exports of key food products such as olive oil, seafood, and dates, coupled with a decline in sugar imports, has contributed to this positive outcome. These developments signify Tunisia's potential as a competitive player in the global food trade sector and bode well for the country's economic growth and stability.