|
|
| Monthly Economic & Commercial Report for March 2008 |
| The Statistics below are the latest published by the Govt. of Tunisia |
| (All figures are in US$) |
1.Total GDP:
In March 2008: N.A
In the 4th quarter of 2007: US$ 5.06 bn
In 2006: US$ 29.4 bn
2. Rate of Inflation:
In March 08: 5.9 %
In the 1st quarter of 2007: 4.8%
In 2007: 3.1%
In 2006: 4.6%
3. Total trade:
(i) Growth of Total Trade:
- During the first 3 months of 2008:
Total trade: US$ 10.53 bn: Exports: US$ 4.85 bn - Imports: US$ 5.68 bn
Growth of Total Trade vis à vis 03/07-03/08: Exports 21.6 % - Imports 22.9 %
Trade Balance: (-) US$ 830 m
- During the first 3 months of 2007:
Total Trade: US$ 8.6 bn: Exports: US$ 3.98 bn - Imports: US$ 4.62 bn
Growth of Total Trade vis à vis 03/06-03/07: Exports 28.2 % - Imports 26.9 %
Trade balance: (-) US$ 640 m
(ii) Growth of Total Trade to 10 major countries during the first 3 months of 2008 in comparison to the first 3 months of 2007:
Growth of Export: France 13.37%; Italy 8.63%; Germany 2.74%; Spain 35.68%; Libya 13.67%; U.K. 174.08%; Netherlands 83.64%; Algeria 63.58%; Belgium 35.95%; U.S.A 175.36%.
Growth of Import: France 9.84%; Italy 27.90%; Russia 178.54%; Germany 5.03%; U.S.A 61.41%; Libya 84.38%; Spain (-) 9.38%; China 29.16%; Turkey 87.92%; Belgium (-) 9.09%.
(iii) Total Trade with India:
| |
Exports to India |
Imports from India |
Total trade with India |
During the first 3 months of 2008: |
US$ 17.73 million |
US$ 42.32 million |
US$ 60.05 million |
| During the first 3 months of 2007: |
US$ 31.81 million |
US$ 38.89 million |
US$ 70.70 million |
|
(iv) The Total Trade with India by 10 top commodities:
| |
Exports to India |
Imports from India |
Total trade with India |
During the first 3 months of 2008: |
US$ 17.39 million |
US$ 30.29 million |
US$ 47.68 million |
During the first 3 months of 2007: |
US$ 29.73 million |
US$ 20.53 million |
US$ 570.26 million |
|
Growth of Total Trade with India by top 10 Commodities during the first 3 months of 2008 in comparison to the first 3 months of 2007:
Growth of Export:
Non-organic chemical products (-) 51.55%; boilers, reactors and mechanical engines 4860.70%; Aluminium 714.89%; hides and leather 173.90%; aluminium products 714.89%; scientific and optic products 5067.84%; paper and cardboard (their export in 2008 amounted to US$ 175.525, while in 2007 it was nil); manufactured items and second-hand clothes 79.48%; fish, shellfish and molluscs (their export in 2008 amounted to US$ 95.67; electrical machines 703.47% and clothes and accessories 65.42%.
Growth of Import:
Cotton 103.74%; electrical machines 774.28%; hides and leather 396.39%; fish, shellfish and molluscs (-) 26.26; plastic materials (-) 29.80; synthetic or artificial threads 46.57%; shoes 6.32%; iron, steel and iron cast materials 868.03%; organic chemical products (-) 38.04% and discontinuous artificial and synthetic fibres (-) 11.81%.
4. Major investments/ trading agreements within and outside the country:
(i) Tunisia- Oman: Boosting economic partnership
A conference on the Tunisian economy and the advantages offered in Tunisia to promote investment was held on March 3rd, 2008 in Muscat. It aimed at making known the investment environment in Tunisia and opportunities offered to contribute to financing economic and development projects. The modest volume of trade exchanges and investment between the two countries was evoked. The Omani economic promoters were called to contribute to the achievement of development projects in Tunisia like other Gulf Co-operation Council (GCC) member countries.
(ii) Tunisia- Ivory coast: Intensifying exchanges between economic operators
Industry, Energy and Small- and Medium-sized Firms (SMFs) Minister Afif Chelbi and Ivory Coast's Industry and Private Sector Promotion Minister Amah Marie Tehoua, signed, on March 5th, 2008 a co-operation agreement in the industrial field. The two countries pledge themselves to promote partnership between the two countries' public and private enterprises, especially between the industrial support structures. This agreement defines in particular the opportunities of institutional co-operation and exchange of experiences offered by the industrial development programs in the two countries.
(iii) Tunisia-Spain: Financial co-operation program signed
It was reported on March 5th, 2008 that during an official ceremony held in Madrid, Secretary of State for Foreign Affairs in charge of European Affairs Hatem Ben Salem signed with Spain's Secretary of State in charge of trade and industry Pedro Mejia a financial co-operation program between Tunisia and Spain. The program aims at strengthening bilateral co-operation in matters of joint investment and vitalizing trade exchanges between the two countries. It provides for putting at Tunisia's disposal financial contribution worth US$ 195 million to finance the acquisition of Spanish goods and services relating to projects carried out by Spanish enterprises in Tunisia. The program could be particularly beneficial to the sectors of information technologies and wind energy.
(iv) Tunisia- Italy: "Banca Agrileasing" set up in Tunisia
It has been reported on March 6th, 2008 that "Banca Agrileasing," one of the most important leasing companies in Italy was set up in Tunisia. Subsidiary of the banking group "Crédit Coopératif," this new establishment aims at collecting data on Mediterranean markets and identifying best means to back up the process of internationalization of Italian small and medium-sized firms. The opening of this office in Tunisia will certainly give a fresh impetus to the Tunisian-Italian co-operation relations and bring business spheres in the two countries closer.
(v) Chamber of Commerce and Industry of Tunis signed partnership agreements with Ivorian and Senegalese counterparts
The Chamber of Commerce and Industry of Tunis (CCIT) signed, on March 7th, 2008, two draft agreements with the Chambers of Commerce and Industry of Ivory Coast and the Chamber of Commerce, Agriculture and Industry of Dakar (Senegal). The two agreements aim at developing economic partnership between Tunisia and both African countries (Senegal and Ivory Coast) and exchange economic and trade information between concerned structures.
(vi) ARTES Company went public
The « Société Automobile Réseau Tunisien et Services » (ARTES), agent of Renault and Nissan car companies, was listed as of March 17th, 2008 at the Tunis Stock Exchange, the Company’s Chairman and MD Moncef Mzabi. The group opened 30.18% of its capital at the fixed price of US$ 8.6 per share. Hence, distribution of securities were made through a takeover bid providing for 4,125,900 securities, ie 16.18% of the capital and a guaranteed investment (14% of the capital) to be reserved to foreign institutional investors. Mr. Moncef Mzabi underlined that this operation, which is one of the largest capitalization at the Stock Exchange in ten years, will help ARTES group develop its activity and consolidate its market share. ARTES aims, in the next five years to keep its position for the "Renault" trade mark and double its net results between 2006 and 2011, by relying notably on the future prospects of the domestic market of private cars.
(vii) Tunisia – AMU: Prospects for inter-Maghreb co-operation examined
Mr. Hedi Djilani, Chairman of the Tunisian Union of Industry, Trade and Handicrafts (UTICA) and Chairman of the Maghreb Employers' Union (UME), conferred on March 19th, 2008, with Arab Maghreb Union (AMU) Secretary-General Habib Ben Yahia. The talk centered mainly on means to further boost the role of the private sector in building up a unified Maghreb market as well as in the economic materialization of the AMU. Mr. Ben Yahia stressed the role played by the private sector in strengthening intra-Maghreb co-operation and stepping up opportunities for co-operation, investment and exchange between AMU countries.
(viii) Amen Bank signed co-operation agreement with Italy's Banca Agrileasing
It was reported on March 25th, 2008 that Amen Bank signed with Banca Agrileasing, a financial institution affiliated with Italian group ICCREA (Instituto Centrale delle Casse Rurale e Agricole de Credito Cooperativo), a co-operation agreement providing for the setting up of an assistance and consultancy network and offering services to Italian enterprises keen on operating in Tunisia. The agreement is part of Amen Bank's strategy to back up foreign enterprises and its adherence to the objectives set to develop the exportation sector.
(ix) MED-ALLIA 2008: Business event of Mediterranean SME
The second MED-ALLIA, Mediterranean forum of enterprises development, was held in Tunis, on March 31-April 2, 2008. It aimed mainly to establish partnerships between the Small- and Medium-sized Enterprises (SME) from the two Mediterranean shores. The key sectors represented in this event were the food industries, electrical and electronic industries, the new information and communication technologies, the mechanical industries and services. This second edition was an extremely pragmatic exercise, as it aims to help all Mediterraneans operate on a common ground and be at the centre of the economic game.
(x) Exchange of letters related to two Japanese loans to Tunisia
A ceremony was held, on March 28th, 2008 in Tunis, during which an exchange of notes was signed pertaining to Japan's granting of two loans to Tunisia. These loans, worth US$ 65.8 million and US$ 30.4 million, were granted by Japan to finance projects of flood-controlling projects in the Greater Tunis area and afforestation. The "control of floods in Greater Tunis" project is designed to refit works in the southern part of the region, between the Sijoumi Lake and Meliane channel, as well as the western districts of Greater Tunis. The second project will allow the afforestation of 7000 hectares and improve development of some 2000 hectares in the forest zones. Japan is one of Tunisia's key financial partners.
(xi) Plans underway to boost Tunisian-Mexican cooperation
It was reported on March 28th, 2008 that plans are underway to intensify cooperation between Tunisia and Mexico through the organization of meetings between Tunisian and Mexican businessmen and perspectives of investment in both countries. Insofar as cultural exchanges as concerned, conventions touching on the educational and cultural sectors are soon due to be announced.
(xii) Tunisia- France: Plea for a vision of joint partnership
Participants in the round table organized, on March 25th, 2008 in Tunis, underlined the importance to develop a closer co-operation between the two countries' technology parks. The stress was placed on the imperative to favor the transfer of knowledge and know-how between the two countries, conclude more twinning conventions between the poles of Tunisian and French competitiveness, notably in the fields of services, agriculture, technical textile, and promote economic information to make better known the economic co-operation opportunities offered by the two countries. Industry, energy and SME Minister Afif Chelbi said the trade exchanges between Tunisia and France tripled during the 1995-2007 period, the number of jobs created doubled and the foreign direct investment was multiplied by four, rising from US$ 22.22 million to US$ 88.88 million.
5. India’s investment:
India’s main interests were investment in textile and apparel, leather, pharmaceutical and public health, handicrafts, chemical and fertilizers, heavy equipment, civil aviation, science and information technology, agriculture, small and medium size enterprises and oil and gas.
6. The main export countries: France, Italy, Germany, Spain and Libya.
7. The main import countries: France, Italy, Russia, Germany, and USA.
8. The main export commodities: crude petroleum, textile, olive and olive oil, phosphates and phosphoric acid, dates and agro-products.
9. The main import items: refined petroleum, cotton cloths, cars, other vehicles and automobile spare parts, wheat, wires and cables.
10. The items of export from Tunisia to India: phosphates and phosphoric acid; salt, sulphur, lime and cement, hides and leather; manufactured items and second-hand clothes; garment and accessories.
11. The items of import from India to Tunisia: fish, shellfish and molluscs, boilers and mechanical engines; plastic materials; cotton; automobiles and tractors; pharma equipments; raw material products.
12. Development:
- Tunisia, a major Union's actor for the Mediterranean
Minister of Industry, Energy and Small- and Medium-sized Enteprises Afif Chelbi conducted, on March 17th, 2008 in Paris, at the invitation of the association "Echanges Franco-Tunisiens," a meeting on the theme "Tunisia, a major actor of the Union for the Mediterranean." He stressed the positive development of trade exchanges between the two countries, saying that the number of French companies settled in Tunisia has developed constantly, reaching presently 1180, including 800 in the industrial sector. He referred to the last report of the French Council of Investors in Africa "CIAN 2008." which highlighted the soundness of the French companies settled in Tunisia. He stated also that Tunisia, which is the first southern Mediterranean country to have integrated the free trade zone with the European Union (January 2008), offers real opportunities for Tunisian and European industrialists in general.
13. The top three sectors receiving investment inflows:
Energy, Manufacturing Industries and the Services Industry were three sectors which were attracting maximum investments from abroad. India can also invest in these sectors; particularly in the Energy Sector, to make a foothold in Tunisia to enter the markets in the EU and North African countries.
14. Study of the:
(i) Energy and Hydrocarbon sector
- Cygam Energy Inc. announced commencement of drilling at Sud Remada in Tunisia
It was reported on March 28th, 2008 that Cygam Energy Inc. is pleased to announce the commencement of drilling of the TT-2 exploratory well on the Sud Remada permit operated by Storm Ventures International Inc. The TT-2 well is being drilled on a large Ordovician structure. The Corporation has a 14% working interest in the TT-2 well and the Sud Remada permit. Cygam is a Calgary based exploration company with producing oil and gas properties in Canada and extensive international exploration concessions. The main focus of the Corporation is the acquisition, exploration and development of international oil and gas permits, primarily in Italy, Tunisia and the Mediterranean basin. Cygam currently holds various interests in five exploratory concessions in Italy and four exploratory concessions in Tunisia encompassing approximately 4 million gross acres (approximately 2.7 million net acres).
(ii) Agriculture sector:
- Tunisia eyes buying 140,000 tonnes of raw sugar this year
It was reported on March 26th, 2008 that Tunisia plans to import about 140,000 tonnes of raw sugar this year but soaring market prices might cut its expected purchases. At the beginning of March, Tunisia bought 28,000 tonnes of raw sugar for shipment in April and May at US$ 372 per tonne cost and freight.
- UTAP Chairman’s activities in Mauritania
Tunisian Agriculture and Fisheries Union (UTAP) Chairman Mabrouk el Bahri visited Mauritania, on March 23-27, leading a delegation of UTAP executives and businessmen from the fisheries sector. The visit was part of strengthening the Tunisian-Mauritanian co-operation relations in the fisheries sector, boosting joint investment and exchanging expertise between the professionals in the sector.
(iii) Finance sector:
- Tunisia- Morocco: Prospects of co-operation in field of customs reviewed
Finance Minister Mohamed Rachid Kechiche conferred, on March 11th, 2008 with Moroccan customs DG Abdellatif Zaghnoun and his Tunisian counterpart Slimane Ourak. The meeting allowed to highlight the fruitful co-operation between the two countries' customs departments in all the fields of activity, and to carry on the development of customs services to raise them to the highest levels.
- Finance Minister conferred with delegation of Japanese "R&I" rating agency
Finance Minister Mohamed Rachid Kechiche conferred, on March 17th, 2008 with a delegation of the Japanese financial rating agency "R&I." The talk centered on the results scored by Tunisia in matters of development in 2007 compared to the targets set and development prospects for 2008, in light of the changes taking place in the world owing to the successive increases of oil prices and raw materials. The Minister stressed Tunisia's keenness to curb the budget deficit and reduce the rate of public debt, in such a manner as to reinforce development prospects.
(iv) Tourism sector
- 2008 WEF Travel and Tourism Competitiveness Index ranks Tunisia 1st in Africa and 2nd in the Arab world
It was reported on March 6th, 2008 that the 2008 World Economic Forum Travel and Tourism Competitive Index (TTCI) ranks Tunisia (39), first in Africa and second in the Arab World out of 130 nations. The report writes that Tunisia "ranks 39th with an excellent assessment of the prioritization of travel and tourism, with high government spending on the sector, effective destination, marketing campaigns and attendance at most international tourism fairs. Tunisia is perceived as relatively safe from crime and violence, including terrorism. In addition, price competitiveness is a positive attribute, ranked 13th with very competitive hotel prices, reasonable fuel levels and reasonable taxation.
- Tunisia set to re-conquer German tourist market
It was reported on March 6th, 2008 that Tunisian tourist professionals are leaving no stone unturned in order to re-conquer the German Market which has witnessed a slump of 6% in 2007. The Tunisian stand in Berlin International Tourism Bourse (ITB) which ran from March 5- 9, 2008 was designed in the shape of the interior of a traditional Tunisian house. Out of the US$ 4.16 million earmarked to boost the tourist sector, US$ 1.25 million have specifically been allocated to the German market. The money will go to advertising, and a greater visibility of Tunisia as a tourist destination in all great German cities, as well as in specialized and large scale publications. Germany represents for Tunisia the second European market after France. In 2007, German tourists spent US$ 400 million in Tunisia, an increase of 5.6% in comparison with 2006.
(v) Agriculture and fishery sector
- Tunisia- Mauritania: Taking advantage of Tunisian skills in matters of valorization and processing of blue fish and port fitting out
Minister of Agriculture and Water Resources Mohamed Habib Haddad conferred, on March 4th, 2008 in Tunis, with Mauritanian Fisheries Minister Assane Soumaré. The talk was to examine means to develop bilateral co-operation in the field of fisheries and fish farming, look at prospects for co-operation in fish reserves exploitation projects and make the most of modern equipment to improve the performance of fishing units and enhance the competitiveness of sea products, while complying with international quality standards and focusing on researches and studies to develop partnership in matters of fishing techniques.
Mr. Soumaré voiced his country's consideration for the progress achieved by Tunisia in matters of balanced economic development, underlining keenness to vitalize bilateral co-operation between the two countries in the fishery sector and make the most of the Tunisian skills, particularly in matters of valorization and processing of blue fish as well as in fitting out and equipping ports.
(vi) Transport sector
Tunisia- Mauritania: Boosting co-operation in matters of training pilots, air traffic controllers, engineers and administrative staff in civil aviation
Transport Minister Abderrahim Zouari held, on March 4th, 2008, a working session with his Mauritanian counterpart Ahmed Ould Mohamaden to review relations in the sector of transport.
They also expressed mutual will to work out executive programs likely to materialize the agreement on co-operation in the field of transport signed during the 15th session of the high joint committee (last January 24-25). During that visit, both sides had agreed to establish partnership in the field of airports and to achieve and follow-up the renovation works of Nouakchott airport, and notably the building of a new passengers' terminal, in accordance with international safety and quality standards, and the joint operating of this terminal.
- First regular train of containers' transportation by rail
PM Ghannouchi signaled the start on March 15th, 2008, in Rades port, of the first regular train of containers' transportation by rail to Sousse, Sfax and Gabes. The operation took place, on the sidelines of works of the national consultation on multimodal transport and comes to crown the local consultations organised on March 8, 2007, in the governorates of Tabarka, Sousse and Sfax.
The Tunisian National Railways Company (SNCFT) will be entrusted, under a convention concluded with the Tunisian Shipping Company (CTN), with the transportation of goods from Rades port to the different regions of the country. The SNCFT also signed agreements with other national companies and professional structures, including the Cereal Grouping and the Gafsa Phosphate Company (CPG) to improve the quality of the transportation of goods and reduce the recourse to lorries for the transportation of containers. |
Source: Commercial Section,
Embassy of India, Tunif |
|
|
|
|
|
TRADE INDIA MAIL
