World Economy

Egypt Trade Deficit Up

Egypt Trade Deficit UpEgypt Trade Deficit Up

Egypt’s trade balance deficit expanded by another 4.4% in the third quarter of 2014/2015 fiscal year, according to official data, AMEinfo reported. The country’s trade deficit edged up to $9.4 billion from $9 billion in the same period a year earlier, data by the Central Agency for Public Mobilization and Statistics reveals. The figures published by Youm7 indicate that the total value of the country’s exports amounted to $4.6 billion in the third quarter of the fiscal year. The figure signals a major slump of 28.1% when compared with the $6.4 billion recorded in the same period of the 2013/2014 fiscal year. According to the statistics, the country’s imports in the third quarter of the 2014/2015 fiscal year nudged down by 9.1% to $14 billion compared with $15.4 billion in the same period last year. The nation’s trade deficit continues to comprise 3.1% of gross domestic product. Recently, Egyptian officials said they have plans to double national exports to $42 billion in the 2018/2019 fiscal year.