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Egypt's trade deficit rises 39% to $4.4bn in July

Ahram Online , Tuesday 27 Oct 2015
Trade deficit
Imports surge on global rise in commodities prices (Photo: Reuters)
Views: 1739
Views: 1739

Egypt's trade deficit increased by 38.8 percent to LE34.7 billion ($4.4 billion) in July from LE25 billion ($3.1 billion) in the same month last year, official statistics agency CAPMAS reported on Tuesday.

The report attributed the rise in trade deficit to a 24.3 percent increase in imports to LE47.8 billion ($6 billion) in July from LE38.5 billion ($4.8 billion) in the same period a year earlier. Additionally, exports declined by 2.6 percent to LE13.1 billion from LE13.5 billion ($1.7 billion).

The Egyptian pound was devaluated by the central bank through regular currency auctions to hit 7.73 for the dollar in July compared to 7.1401 to the dollar in the same month a year earlier. The fall in the pound value has contributed to a rise in the value of imports.

Egyptian factories have also slowed down production with some plants completely halted on the back of energy shortages as Egypt has become a net importer of oil.


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27-10-2015 01:56pm
Planning matters
Egypt economic meltdown is attributed to 3 problems; all could have been foreseen by a 10-year old, and should have been planned for by a whopping 38-minister cabinet. (1) Tourism collapse – anyone with an IQ of 20 should have known that manufacturing and prolonging a “war on terror” in Egypt would collapse the fragile tourism sector. (2) Oil & Gas export – anyone with basic math education would have calculated production, consumption and reserves and found out that Oil export will vanish by 2010. (3) Canal – Anyone with high school education in economics could have predicted that world economy would slow down and with it global trade; hence the Canal can’t double in revenue in the short-term. Failing to forecast this downturn is a crime against the Egyptian people; what is worse is the utter paralyses in planning and creating new economic sectors to fill the gap!
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