Egypt trade deficit down in May

Ahram Online, Monday 25 Aug 2014

Trade deficit in decline for 10th consecutive month as exports increases 7.6% and imports fall 13.6%

Suez Canal
A cargo ship makes its way along the Suez Canal (Photo: Reuters)

Egypt's trade balance deficit reached LE17.37 billion ($2.4 billion) in May 2014, state-run statistical body CAPMAS reported on Monday.

The figure represents a 28.6 percent drop compared to the same month in 2013, when the deficit stood at LE24.33 billion ($3.4 billion).

The value of exports increased by 7.6 percent, reaching LE18.57 billion pounds during May 2014 versus 17.25 billion pounds for the same month the previous year.

Rising exports included crude oil, fruit, primary form plastics, potatoes, and oranges.

The value of imports decreased by 13.6 percent to LE35.93 billion during May 2014 versus LE41.58 billion in May 2013 due to the decrease in the value of commodities such as petroleum products, primary forms of iron and steel, crude oil, primary form plastics and animal fats

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