Trade deficit up 29% in May
Egypt’s trade deficit reached LE25.4 billion in May, up by 28.7 percent compared to the same month last year, the state statistics agency CAPMAS reported Monday.
The widening trade gap was driven by both a decline in exports from Egypt and an increase in imports from abroad.
The value of Egypt’s exports fell from LE18.9 billion in May 2014 to LE16.2 billion in May 2015. CAPMAS attributes the drop to a decline in prices for export commodities like crude petroleum and fresh fruit.
Meanwhile, the value of imports to Egypt rose to LE41.6 billion, compared to LE38.7 billion in May 2014.
The country’s growing trade gap has been a key driver for an overall balance of payments deficit.
Egypt ran an overall balance of payments deficit of US$1 billion for the first half of fiscal year 2014/15, compared to a surplus of around US$2 billion in the same period the year before.
أخبار ذات صلة
Balance of payments deficit rises to $3.6 bn in first 3 quarters of 2015/16
Egypt’s balance of payments deficit widened to US$3.6 billion during the first three quarters of the 2015/16 fiscal year.
Balance of payments deficit widens to $3.4 billion in first half of 2015/16 financial year
Egypt’s balance of payments deficit rose to US$3.4 billion in the first half of the 2015/16 financial year, up from US$1 billion…
Balance of payments deficit hits $3.7 billion in Q1 of 2015/16
Egypt’s transactions with the outside world from July 2015-September 2015 resulted in an overall balance of payments deficit of US$3.7 billion, compared…
Balance of payments surplus, current account deficit both grow in 2014/15
Egypt’s financial transactions with the rest of the world during the 2014/15 fiscal year resulted in an overall balance of payments surplus up…
Your support is the only way to ensure independent, progressive journalism survives.
You have a right to access accurate information, be stimulated by innovative and nuanced reporting, and be moved by compelling storytelling. Subscribe now to become part of the growing community of members who help us maintain our editorial independence.
Join us