Port saied port (Photo: Mohamed Nada)
Egypt's trade deficit saw yet another surge in November last year, growing by a significant 29 per cent over the same month the previous year, the state-run statistical body CAPMAS reveals on Monday.
The trade deficit reached approximately LE29 billion in November 2012 versus LE17 billion a year earlier. On a monthly level, the trade deficit increased considerably from LE14 billion in October.
A drop in exports was behind the increased deficit, the latter falling by 1.5 per cent in November to sit at LE15 billion.
The CAPMAS report attributed the exports drop to a decline in overseas demand for Egypt's petroleum products, garments, fertilisers and electrical wires.
Imports to Egypt increased by 14 per cent to reach LE36 billion in November, mainly due to an increase in prices of goods like wheat, maize, woods and iron.
Egypt's balance of payments (BOP), which indicates the flows in and out of the country, saw its deficit decrease to $518.7 million in the third quarter of 2012/13 financial year.
The trade balance is one component of the BOP along with other factors, including investment flows and tourism revenues.