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 Bernard Yaros - Tunisia Live - Cargo such as these are loaded by the hundreds each day in La Goulette Port before heading to Europe and other international destinations.
Over 2,000 years ago, ancient Carthage dominated trade throughout the Mediterranean region, exporting textiles, agriculture, artisanal work, manufactured goods and precious minerals. Fast-forward to the present day and Tunisia – home to Carthage’s proud ruins – is reeling from an acute trade deficit.
According to data released by the National Statistics Institute (INS) this past Thursday, the country’s trade imbalance almost doubled, swelling from 559.3 million Tunisian Dinars (MTD) in January 2011 to 1009.3 MTD in January 2012. Although Tunisia has generally posted trade deficits of varying severity in its recent history, the latest figure stands out from past ones.
A confluence of factors – both global and domestic – have contributed to Tunisia’s deepening trade imbalance.
Across the Mediterranean, the European Union, the destination for nearly 80% of Tunisia’s exports, is saddled by debt and the integrity of its Eurozone in question. As European economies contract, the ripple effects will surely reach Tunisia’s shores, negatively affecting its exporting industries, said Skander Ounaies, an Economics professor at IHEC Carthage (University of Carthage) and former economist at the Sovereign Wealth Fund of Kuwait.
At home, exporting sectors, such as mining and manufacturing, have witnessed worker productivity and output hampered by frequent strikes, forcing the interim government to act as an ombudsman between management and union workers in several instances. Even in spite of the widespread exaltation of Tunisia’s democratic progress, the uncertainties in the post-revolution economy have led to declines in foreign direct investment (FDI), which stand in the way of developing exporting industries – old and new, stated Ounaies.
The recent numbers, published by the INS, add to an already long litany of economic woes besetting Tunisia. The state of the economy continues to pose a challenge for the government, which finds itself under enormous pressure to initiate an economic recovery and show positive results to an apprehensive public.
Yet, there is a silver lining in the available export-import data that brings cautioned optimism to Hafedh Ben Abdennebi, a professor at IHEC Carthage (University of Carthage) and expert in Economic Development.
In the past six years, textile exports have increased and eclipsed imports. Tunisia has beaten Asia to European markets due to its proximity and consequent ability to make on-time deliveries.
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