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Tunisia: lower imports and rising exports.

Trade was marked by a recovery in exports during the first four months of 2015 (6.3% against a decline of 3.2% a year earlier), in parallel with a 2.4% drop in imports (against a rise of 6% a year earlier), which resulted in an increase of 6 percentage points in the coverage ratio to 73.1%.Regarding the services balance, it has recorded in the first four months of 2015 a drop in its balance by 133 MTD to 356 MTD, following notably the decline by 13.3% of tourism revenues compared to their level in the same period last year (-16,6% at constant exchange rates) to 751 MTD.

The surplus of the balance of factor income and current transfers also dropped by 70 MTD to 326 MTD as a result of the reduction of employment income by 3.4% compared with its level recorded in the first four months of 2014 to stand at 1,160 MTD.

As for the surplus of capital and financial transactions, it has recorded a significant increase in the first four months of 2015 to 2,912 MTD from 1,992 MTD, a year earlier, following the sharp consolidation of the surplus of the balance of borrowing and lending and other commitments which reached 2,099 MTD against 1,563 MTD in 2014 and increased flows of foreign investment by 336 MTD to 708 MTD.

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