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Egypt: $2.1 billion trade deficit in favour of Kuwait

Increase in deficit attributed to large quantities of Kuwaiti oil imported by North African nation

The Central Bank of Egypt announced that the volume of commercial transactions between Egypt and Kuwait declined during the last fiscal year 2014-2015 to $2.4 billion.

This represents 2.9 per cent of the volume of Egypt’s trade with the outside world, compared with $2.9bn in the previous year 2013-2014, reports Kuwait-based Al Rai.

The Central Bank of Egypt’s report shows that, during 2014-2015, Egypt’s exports to Kuwait amounted to roughly $115.2 million, while imports from Kuwait are valued at $2.23bn, with a trade deficit in favour of Kuwait totalling $2.12bn, representing a deficit of 560 per cent.

The report points out that Egypt’s exports to Kuwait have relatively improved from $107.4m in the fiscal year 2013-2014 to $115.2m in fiscal year 2014-2015, while Kuwait’s exports to Egypt declined from $2.89bn during 2013-2014 to $2.2bn.

An Egyptian Trade Ministry official attributes the increase in deficit in trade transactions in favour of Kuwait to the large quantities of Kuwaiti oil imported by Egypt during the last year.

($1 = AED3.67, at the time of publishing)