Egypt’s trade deficit soared to LE17.5billion ($2.9 billion) in April, 79.6 per cent higher than the same month the previous year, the state statistics agency CAPMAS said on Monday.
The total value of Egyptian exports shed an annual 14 per cent, down to LE15.1 billion from LE17.6 billion in April 2011.
CAPMAS attributed the drop to the decrease in international demand for Egypt's petroleum products, garments, fertilisers, fruit and dairy products.
On the other hand, the value of imported goods to Egypt, saw an increase, from LE27.3 billion in April last year to LE32.6 billion in the same month 2012, which suugests potential economic recovery because these imports feed into further economic activity. Egypt’s main imports are petroleum products, steel, raw materials and wheat.
An importer of more than 10 million tonnes of wheat annually, Egypt has said it has a strategic stock of about six months plus to last until January.