Ships cross the Suez canal, near Ismailia port city, northeast of Cairo May 1, 2014 (Reuters)
Egypt’s imports, mainly wheat, declined year-on-year in September by 23 percent, driving down the country’s trade deficit to register LE29.5 billion ($3.7 billion) comparing with LE38 billion ($4.8 billion) in the same month last year, state’s statistics body CAPMAS stated on Sunday.
The total imports reached LE40.6 billion ($5.2 billion) as wheat imports have declined by 50.3 percent in September, with imported petroleum products down 16 percent.
Exports also decreased in September by 25.4 percent compared with the same period in 2014 registering LE11 billion ($1.4 billion). This was attributed to the falling value of some commodities such as crude oil (down 47 percent) and garments (down 19.2 percent), CAPMAS said.
Fitch ratings affirmed on Friday Egypt’s long-term foreign, local currency issue default ratings (IDR), and senior unsecured foreign and local currency bonds at a ‘B’ rating, stating that the outlook is “stable”.
“The country ceiling has been affirmed at ‘B’ and the short-term foreign currency IDR at ‘B’,” the agency said.