Egypt's trade deficit surges 82% in August

Ahram Online , Thursday 11 Dec 2014

Trade deficit reaches LE32.8 billion in August compared to LE18 billion in the same period last year

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

Egypt's trade deficit grew 81.9 percent in August compared to the same period a year earlier, state-run statistics agency CAPMAS announced on Thursday.

The deficit reached LE32.8 billion in August compared to LE18 billion in the same period the previous year.

A significant rise in imports by almost 50 percent caused the rise.

According to the CAPMAS report, the increase in imports was driven by a surge in the value of crude oil, steel and passenger cars by 100 percent, 95 percent and 283 percent respectively.

Meantime, exports slightly increased by 8.5 percent in August to reach LE15 billion due to the rise in the value of dairy products and ready-made garments.

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