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Egypt's trade deficit falls for ninth consecutive month

Trade balance deficit reached LE10.56 billion in April of this year, down by 51.9 percent from April 2013

Ahram Online, Thursday 7 Aug 2014
Views: 1336
Views: 1336

Egypt's trade balance deficit reached LE10.56 billion ($1.5 billion) in April 2014, state-run statistical body CAPMAS reported on Wednesday.

The figure represents a 51.9 percent drop compared to the same month in 2013, when the deficit stood at LE21.94 billion ($3.1 billion).

The value of Egypt's exports in April 2014 also declined 12.1 percent from the previous year, recording LE16.56 billion ($2.3 billion).

Among the main products to suffer a drop in exports, according to CAPMAS, were petroleum products, oranges and ready-made clothes.

On the other hand, the value of imports also shrank by 33.5 percent to reach LE27.12 billion ($3.8 billion), compared to LE40.79 billion ($5.7 billion) in April of the previous year.

Imports included wheat, iron, petroleum products and corn.

In March, the trade deficit fell a mere 7.9 percent to reach LE20.5 billion ($2.9 billion) as compared to the same period a year earlier. Exports dropped 5.5 percent to LE18.03 billion on fewer shipments of crude oil, ready-made clothes and oranges.

Imports for March declined 6.6 percent for the same period to LE38.53 billion on lower imports of petroleum products, iron and pharmaceuticals.

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