Egypt trade balance rises annual 138 pct in February

Ahram Online, Tuesday 5 Jun 2012

Price hikes for major imports such as oil and steel-making materials are the main cause of rise, official data shows

Sokhna port
The port of Ain El-Sokhna (Photo: Al-Ahram)

Egypt's trade balance deficit climbed an annual 138.1 per cent to reach LE14.2 billion ($2.3 billion) in February 2012, official data showed on Tuesday.

The country's trade balance deficit was LE6 billion ($1 billion) in February 2011.
Exports increased by 16.9 per cent (LE2.3 billion) on the same month last year to reach LE16 billion in February 2012, according to figures from state statistics agency CAPMAS.
This increase in exports was outpaced by a larger growth  in imports, which rose from LE19.7 billion in February 2011 to LE30.2 billion this year.
Despite an annual increase, import figures fell 2 per cent month-on-monthm down from LE30.8 million in January 2012.
Climbs in the prices of petroleum products, crude oil and raw steel were behind the significant rise in the value of imports, the statistics agency said.
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