The trade deficit widened to LE17,480 billion in October 2010, an increase of LE5 billion, or 42.6 per cent, year-on-year compared to October 2009.

"The increase in the trade deficit is due mainly to an increase in imports, which grew at a faster rate than exports, in addition to the increase in the value of imports as a result of global price increases in imported commodities," according to Beltone Financials.

Exports grew year-on-year by 22.2 per cent in October 2010, reaching LE12,754 billion, while imports grew by 33.2 per cent, reaching LE 30,234 billion.