Algeria puts restrictions on imports to remedy growing trade deficit
In a bid to reduce the country’s trade deficit, Algeria has announced a ban on imports of 900 products, according to the Algerian Ministry of Commerce. The ban covering products from several sectors (agro-food, communication, construction, and household appliances) is to redress the shortfall in remedies seen since the crash in oil prices in 2014. The measure is predicted to cut import value in 2018 to US$30 billion, down from the 2017 level of US$45 billion.
"The import suspension of these products is limited in time and will be phased out with or without maintenance of taxes and other duties," reads the document issued by the Ministry of Commerce. In addition to this restriction, there is an increased number of goods and services subject to a 30% domestic consumption tax and customs duties of 60%. This new measure will replace the country’s ineffectual import licensing system.