Egypt’s trade deficit dropped by 25.7 per cent during August 2015, to EGP27.9 billion compared with EGP37.5bn in August 2014, recent statistics show.
The Central Agency for Public Mobilization and Statistics points out that Egypt’s merchandise exports dipped by 14.4 per cent to EGP13.1bn during August 2015 compared to EGP15.3bn in August 2014, reports Egypt-based Alwafd.
The agency attributes this to the decline in the value of some goods, especially petroleum products by 51.9 per cent, plastics in primary forms as well as plastic raw materials by 35.2 per cent, crude oil by 9.3 per cent and garments by 3.6 per cent.
The value of imports too shrank by 22.5 per cent to EGP41bn in August 2015 compared with EGP52.9bn in August 2014.
The agency attributes this decline in the value of exports to the drop in the value of some goods such as wheat by 54.6 per cent, iron and steel raw materials by 41.1 per cent, primary forms and raw materials of plastics by 35.1 per cent, wood and its products by 19.6 per cent and passenger cars by 14.3 per cent.
(EGP1 = AED0.47, at the time of publishing)