A cargo ship makes its way along the Suez Canal (Photo: Reuters)
Egypt’s trade deficit reached LE16.86 billion ($2.45 billion) in August of this year, a 22.3 percent decrease compared to the same month in 2012, when it stood at LE21.69 billion ($3.15 billion), state statistics body CAPMAS reported on Monday.
The value of exports, including crude oil, fertilisers, petroleum products, ready-made-clothes, and plastics, increased by 3.7 percent to reach LE13.85 billion ($2.01 billion) in August 2013, as opposed to LE13.36 billion ($1.94 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).
In addition, CAPMAS reported that the value of imports, including petroleum products, iron and steel, wheat, meat and corn, decreased by 12.4 percent to reach LE30.71 billion ($4.46 billion), compared to LE35.05 billion ($5.09 billion) in August 2012.
The trade deficit however shows a decrease from August 2012, remains 13.2 percent higher than its value in August 2010 which was LE14.89 billion ($2.16 billion).