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Egypt exports up, trade deficit down 46 percent year-on-year in Q1 2017

Import-dependent Egypt has seen its exports grow since it floated its currency in November

Reuters , Friday 28 Apr 2017
Suez Canal
A Container ship crosses the Suez Canal at Port Said (Photo: Reuters)
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Egypt's trade deficit fell to $6.59 billion in the first quarter of 2017, a 46 percent drop from the same period last year, state news agency MENA reported on Friday.

Import-dependent Egypt has seen its exports grow since it floated its currency in November, roughly halving it in value overnight and making its goods more competitive on international markets.

Egypt's exports for the period jumped to $5.52 billion from $4.79 billion, while imports declined to $12.11 billion from $17 billion the year prior, MENA reported.

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