A cargo ship is seen crossing through Suez Canal, Ismailia, Egypt (Reuters)
Egypt’s trade deficit in February declined by 56 percent to register $2.1 billion, down from $4.7 billion recorded in the same month last year, state statistics body CAPMAS said in a statement Saturday.
Exports increased by 22.1 percent in February compared to the same month last year, to reach $2 billion up from $1.6 billion.
Fertiliser exports increased by 173.8 percent and crude petroleum exports increased by 104.6 percent.
Exports of some products decreased in February 2017 compared to the same month last year, such as dairy products, down by 24.1 percent, carpets, down by 17.8 percent, and furniture, down by 3.2 percent.
Imports in February 2017 decreased by 35.8 percent to reach $4.1 billion down from $6.4 billion registered in February 2016.
Imports of Iron decreased by 53.7 percent while imports of organic and inorganic chemical products decreased by 22.3 percent compared to February 2016.
Year-on-year, imports of crude petroleum increased by 49.3 percent and petroleum products increased by 37.6 percent.
Egypt has undergone a hard currency crisis, especially at the end of last year, that resulted in high dollar rates on the black market and left banks unable to provide companies with the currency needed to service imports.
The Egyptian Central Bank floated the pound against the dollar in November 2016 in an attempt to revive the country’s flagging economy, leading the pound to plummet, reaching an average exchange rate of EGP18.0 to the dollar, compared to EGP8.88 prior to flotation.