Trade deficit growing as imports 4.7% higher in July compared to same period in 2012
Egypt’s trade deficit reached LE21.2 billion in July of this year, a 6.3 percent increase compared to the same month in 2012, when it stood at LE19.9 billion, the country's statistics body CAPMAS reported on Monday.
The value of exports, including crude oil, fertilisers, foodstuffs and plastics, increased by 2.4 percent, reaching LE14.6 billion in July 2013, as opposed to LE14.2 billion for the same month the previous year.
According to the latest report of the state’s General Organisation for Export & Import Control, the government's target is LE145 billion ($21 billion) net worth of total exports for 2013, 77 percent of which has already been achieved in the three quarters ending in September.
Total exports in 2012 stood at LE132.7 billion ($19.2 billion).
Meanwhile, the value of imports,including petroleum products, gold ore, iron and steel, plastics and corn, increased by 4.7 percent to reach LE35.8 billion, compared to LE34.2 billion in July 2012.
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