World Economy

Egypt Trade Deficit Declines

Egypt Trade Deficit DeclinesEgypt Trade Deficit Declines

Egypt’s imports, mainly wheat, declined year-on-year in September by 23%, driving down the country’s trade deficit to register LE29.5 billion ($3.7 billion) comparing with LE38 billion ($4.8 billion) in the same month last year, state’s statistics body CAPMAS stated on Sunday, Alahram reported. The total imports reached LE40.6 billion ($5.2 billion) as wheat imports have declined by 50.3% in September, with imported petroleum products down 16%. Exports also decreased in September by 25.4% compared with the same period in 2014 registering LE11 billion ($1.4 billion). This was attributed to the falling value of some commodities such as crude oil (down 47%) and garments (down 19.2%), CAPMAS said. Fitch ratings affirmed on Friday Egypt’s long-term foreign, local currency issue default ratings, and senior unsecured foreign and local currency bonds at a ‘B’ rating, stating that the outlook is “stable”. “The country ceiling has been affirmed at ‘B’ and the short-term foreign currency IDR at ‘B’,” the agency said.