World Economy

Egypt Trade Deficit Soars

Egypt Trade Deficit SoarsEgypt Trade Deficit Soars

Egypt’s trade balance deficit surged to EGP 25.4 billion ($3.24 billion) in May, marking a 28.7% hike from EGP 19.7 billion in the same month a year earlier, state-statistical body reported Sunday, NewsNow reported. Egypt’s Central Agency for Public Mobilization and Statistics attributed the rise to a 14.6% decline in exports, while imports rose by 7.5% in the same period. “Exports dropped to EGP 16.2 billion in May, down from EGP 18.9 billion in the same period last year,” the report said. CAPMAS said the drop was mainly caused by a decline in commodity prices, notably petroleum products, textiles, clothes, and fresh fruits. Meanwhile, the value of imports soared to EGP 41.6 billion during May, compared to EGP 38.7 billion in the corresponding month last year, due to a price hike of some commodities such as oil products, meats, cars and spare parts. Meanwhile, India is the sixth largest trading partner of Egypt—the second largest export destination. Trade between India and Egypt during the last financial year (April 2014—March 2015) has been recorded at $4.76 billion.