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Egypt's trade deficit shrinks 13 pct year-on-year in July; cars & steel imports down

Ahram Online , Wednesday 12 Oct 2016
Egypt
Egypt's imports down 5.3 percent in July
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Egypt’s trade deficit decreased in July by 13.1 percent compared to the same month of last year to reach EGP 30.9 billion, the state’s statistics body CAPMAS said in an emailed statement on Wednesday.

According to CAPMAS, the value of exports is up 15.5 percent year-on-year, recording EGP 15.4 billion, with fertilisers increasing 212.3 percent and crude oil 33.1 percent.

The value of imports slowed 5.3 percent year-on-year to EGP 46.3 billion, with imports of cars and raw materials of steel down 35.3 percent and 16.7 percent respectively.

However, imports of meat, and of organic and inorganic chemical materials saw a rise of 34.1 percent and 35.9 percent respectively, CAPMAS said.

Egypt, which relies heavily on imports of wheat and other staples to feed its population of 90 million, has been facing an acute dollar crisis in recent years after political and security unrest has spooked investors and tourists.

The governor of Egypt’s central bank, Tarek Amer, said in January that the government aims to reduce its import bill by 25 percent or $20 billion in 2016, from $80 billion in 2015.

 

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