Algeria’s trade surplus in the first five months of 2013 fell by 49.7% to $6.27bn from $12.47bn in the corresponding period of 2012, according to latest trade statistics from Algeria’s customs office. Oil export revenue, which accounted to 96% of the total, fell by 9.8%to $28.71bn in the first five months of 2013.

Algeria central bank governor Muhammad Laksaci earlier this month said that the Algerian economy is facing an “external shock” similar to that experienced in 2009 as a result of a fall in oil revenue and a deteriorating balance of payments surplus. Mr Laksaci said that in the first quarter of 2013, the oil price fell by 5.7% compared to the first quarter of 2012. (CONTINUED - 325 WORDS)