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Egypt trade balance deficit down by 22.1 per cent in September

Decline attributed to reduced value of key exports: crude oil, petroleum products, primary form plastics and garments

Latest official statistics show Egypt’s trade deficit fell by 22.1 per cent in September to EGP29.49 billion, compared with EGP37.86bn in the same month last year, as exports outstripped imports.

According to data from the Central Agency for Public Mobilisation and Statistics (CAPMAS), the overall value of exports increased by 25.4 per cent and reached EGP11.12bn during September 2015, compared to EGP14.9bn for the same month in 2014.

This decline is attributed to the reduction in the value of key exported products, such as crude oil, which was 46.8 per cent less than last year, petroleum products (57.7 per cent), primary form plastics (15.8 per cent) and garments (19.2 per cent).

According to the report, the total exports of some goods rose during September 2015, compared to their counterparts during the same month of the previous year. The most important exports included fresh fruit rose by 4.8 per cent, fresh onion (193.8 per cent), frozen or chilled vegetables (1.5 per cent), and cosmetics and fragrances (14.9 per cent).

The total imports dropped by 23 per cent and amounted to EGP40.61bn during September 2015, compared to EGP52.76bn in the same month last year, due to the decline in the value of some goods including: petroleum products (15.8 per cent), wheat (50.3 per cent), iron or steel raw materials (34.8 per cent) and crude oil (67.9 per cent).

(EGP1 = AED0.47, at the time of publishing)