C.Bank : Egypt’s Exports Fell by 3.2% in 13/14

Central Bank of Egypt (CBE) announced that Egyptian exports earnings retreated with US$869 million registering US$26.11 billion at the end of 2013/2014 against US$26.98 billion at the end of 2012/2013.

Reports issued from CBE revealed that petroleum outcome tumbled by 4.4% to record US$12.45 billion and non-petroleum earnings sagged by 2.1% to register US$13.67 billion.

The decline contributed in rising balance of trade deficit with 9.8% to reach US$33.7 billion in compared to US$30.7 billion especially by the Increased payments of imports at rate of 3.7% to record about US$59.8 billion against US$57.7 billion.

Meanwhile, C.Bank announced on Thursday that the balance of payments recorded  $1.5 billion overall surplus, up from $237 million recorded in the previous fiscal year.

The bank added in a statement that current account deficit narrowed to $2.4 billion, down from $6.4 billion a year earlier which was due to the increase in net unrequited transfers at $ 30.4 billion versus $19.3 billion a year earlier which was supported by the rise in net official transfers from $835.6 million to $11.9 billion.