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Egypt's trade deficit plunges in June

Egypt's trade deficit falls 63.5 percent year-on-year in June, as exports rise slightly and the value of total imports decreases sharply

Ahram Online, Sunday 14 Sep 2014
Cargo
A cargo ship makes its way along the Suez Canal (Photo: Reuters)
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Egypt's trade balance deficit dropped to LE9.09 billion ($1.27 billion) in June 2014, the state-run statistical body CAPMAS reported Monday.

The figure represents a 63.5 percent decrease compared to the same month in 2013, when the deficit stood at LE24.88 billion ($3.48 billion).

The report attributed the plunge to 3.8 percent higher exports and 35.5 percent lower imports in June year-on-year.

Exports reached LE18.42 billion ($2.58 billion) in June 2014, rising from LE17.75 billion ($2.48 billion) in the same month a year earlier, due to higher value on outputs such as fruit, crude oil and petroleum products (jet fuel).

The value of imports decreased to LE27.5 billion ($3.85 billion) during June 2014 compared to LE42.6 billion ($5.96 billion) in June 2013 due to the decrease in the value of commodities such as wheat, petroleum products (diesel and gas), primary form plastics, chemicals and meat.

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