An official from the Algerian Ministry of Commerce stated that the total value of Algeria's exports, a member of OPEC, reached $23.8 billion in 2020, marking a 33% decrease from the previous year due to falling crude oil prices.
Algeria is entirely reliant on oil and gas, which fund 60% of the general budget and represent 94% of total exports. Khaled Bouchlaghem, the director of the Ministry's External Trade Department, reported that the value of goods and services imports declined by 18% to $34.4 billion in 2020. The COVID-19 pandemic caused a drop in global oil demand and a fall in prices, putting Algeria under financial pressure. The government is attempting to reduce spending on imports to cope with the trade deficit resulting from declining energy revenues.
