Egypt's trade deficit grows 52.7% in April: CAPMAS

Ahram Online , Tuesday 21 Jul 2015

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

Egypt's trade balance deficit reached LE24.6 billion in April of 2015, representing a 52.7 percent increase compared to LE16.11 billion in the same month last year, the state-run statistical body CAPMAS reported on Tuesday.

State exports valued LE14 billion in April, declining from LE17.26 billion in April 2014, due to a drop in the price of certain goods such as crude oil, petroleum products and primary form plastics.

Meanwhile, imports' value rose by 15.67 percent, jumping to LE38.7 billion, from LE33.37 billion during the same month last year.

According to the report, the rise in imports' value was due to the increase in the value of certain goods such as petroleum products and vehicles.

Egypt's inflation accelerated after the government decided to cut subsidies in July 2014, increasing fuel prices by as much as 78 percent.

The urban consumer inflation rate dropped to 11.4 percent in June of this year, from 13.1 percent in May, according to CAPMAS.

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