Tunisia-France: Trade Heavily Affected by the Crisis
18 July 2008
Read by 1934 persons
Text: "In 2009, the record for trade between Tunisia and France was not reached. This is due to the slowdown in French demand," Bertrand Furno, head of the Economic Department at the French Embassy in Tunisia, told us. During the 11 months of 2009, total trade between Tunisia and France reached only 6 billion dinars.
The trade balance of Tunisia with one of its most important partners, namely France, declined during the first 11 months of 2009, with imports of around 2 billion Euros, a decrease of 12%, and exports of around 3 billion Euros, also a decrease of 19% compared to the revenue generated during the same period in 2008.
Bertrand Furno attributed this decrease to the global financial crisis, which has an impact on bilateral trade.
He considered that the decrease in the import bill is mainly due to oil prices because of the drop in demand caused by the global recession. It should be noted in this context that Tunisia exported less oil to France, with a decrease estimated at 36%.
The current crisis is severely affecting the textile, clothing and leather sector, as well as the mechanical and electrical industries sector.
In this regard, the textile sector experienced a 15% decline, while the latest figures for the mechanical, electrical and electronic industries sector, up to November 2009, show a 17% decrease compared to the same period in 2008.
With all the negative consequences of the economic crisis, it must be realized that the decrease in purchases from France is quite significant. It showed a deficit compared to Tunisia of 150 million dinars," said the French diplomat.
However, the sectors that have resisted best are tourism, where Tunisia remains France's leading partner with 1.5 million tourists and revenue of around 1 billion dinars, and transfers from Tunisian workers in France, which remained at 1.2 billion dinars.
Regarding FDI, Bertrand Furno emphasized that France is one of the leading foreign investors in Tunisia. It ranks first in the number of companies established in Tunisia (1200) and in the number of jobs created (106,000).
During the first 11 months of 2009, the average annual amount of French investments in Tunisia was around 200 MD, creating 130 projects, including 73 new installations generating 3700 jobs.
It should be noted that the Orange Telecom license is the largest investment in 2009, with an estimated amount of 600 million Euros, spread over a period of 5 years. This third fixed, mobile and internet operator will be operational in the Tunisian market at the beginning of 2010.
However, the volume of French investments decreased compared to 2008, which was around 504.1 MDT, thanks in particular to the acquisition of shares of Sté des articles hygiéniques by EMT Africa SAS-France, the acquisition of 60% of the capital of BTKD by OCEOR France for the amount of 300 MDT (of which 150 MDT go to Tunisia), the acquisition of 35% of the capital of STAR by GROUPAMA France for the amount of 132 MDT, as well as the increase in the capital of Société Générale of the order of 56.7 MDT and the purchase of shares of Artes by Renault, an operation that cost 74 MDT.
Published January 27, 2010
Posted online January 28, 2010
The TeamReKrute.com
The trade balance of Tunisia with one of its most important partners, namely France, declined during the first 11 months of 2009, with imports of around 2 billion Euros, a decrease of 12%, and exports of around 3 billion Euros, also a decrease of 19% compared to the revenue generated during the same period in 2008.
Bertrand Furno attributed this decrease to the global financial crisis, which has an impact on bilateral trade.
He considered that the decrease in the import bill is mainly due to oil prices because of the drop in demand caused by the global recession. It should be noted in this context that Tunisia exported less oil to France, with a decrease estimated at 36%.
The current crisis is severely affecting the textile, clothing and leather sector, as well as the mechanical and electrical industries sector.
In this regard, the textile sector experienced a 15% decline, while the latest figures for the mechanical, electrical and electronic industries sector, up to November 2009, show a 17% decrease compared to the same period in 2008.
With all the negative consequences of the economic crisis, it must be realized that the decrease in purchases from France is quite significant. It showed a deficit compared to Tunisia of 150 million dinars," said the French diplomat.
However, the sectors that have resisted best are tourism, where Tunisia remains France's leading partner with 1.5 million tourists and revenue of around 1 billion dinars, and transfers from Tunisian workers in France, which remained at 1.2 billion dinars.
Regarding FDI, Bertrand Furno emphasized that France is one of the leading foreign investors in Tunisia. It ranks first in the number of companies established in Tunisia (1200) and in the number of jobs created (106,000).
During the first 11 months of 2009, the average annual amount of French investments in Tunisia was around 200 MD, creating 130 projects, including 73 new installations generating 3700 jobs.
It should be noted that the Orange Telecom license is the largest investment in 2009, with an estimated amount of 600 million Euros, spread over a period of 5 years. This third fixed, mobile and internet operator will be operational in the Tunisian market at the beginning of 2010.
However, the volume of French investments decreased compared to 2008, which was around 504.1 MDT, thanks in particular to the acquisition of shares of Sté des articles hygiéniques by EMT Africa SAS-France, the acquisition of 60% of the capital of BTKD by OCEOR France for the amount of 300 MDT (of which 150 MDT go to Tunisia), the acquisition of 35% of the capital of STAR by GROUPAMA France for the amount of 132 MDT, as well as the increase in the capital of Société Générale of the order of 56.7 MDT and the purchase of shares of Artes by Renault, an operation that cost 74 MDT.
Published January 27, 2010
Posted online January 28, 2010
The TeamReKrute.com
