Trade
Huge oil and natural gas reserves supply nearly 90 percent of Algeria’s exports. The country is a member of the Organization of Petroleum Exporting Countries (OPEC). This association of oil-producing nations sets production quotas among its members. In 1973 Algeria led an OPEC embargo that caused oil prices to rise. Since then the country has maintained a small trade surplus, meaning that the value of Algeria’s exports exceeds the value of its imports. The United States is Algeria’s largest customer for energy products. Other important Algerian exports include citrus fruits, iron ore, phosphates, tobacco, cork, and wine. Algeria’s principal imports are machinery, raw materials, food, iron, steel, and textiles. Italy, Germany, and Japan have become important trading partners for Algeria. Since the nineteenth century, France has been the biggest buyer of Algerian wine. French companies have also invested in Algerian businesses and industries.