CAPMAS: Egypt trade deficit falls 26.7% year-on-year in August

Egypt’s trade deficit has dropped 26.7 percent year-on-year in August 2017, standing at $3.31 billion compared to $4.52 billion during the same month last year, the country’s Central Agency for Public Mobilization and Statistics (CAPMAS) said in a report on Sunday.

The country’s exports increased to $2.17 billion compared to $1.86 during the same period.

The report said imports have declined by 14 percent year-on-year in August 2017, registering $5.48 billion compared to $6.38 billion.

Commodity exports such as crude oil increased by 9.5 percent, while ready-made garments and textiles increased by 20.9 percent. Fertiliser exports increased by 68.3 percent and plastic surgery material increased 120 percent.

The central bank floated the pound in November 2016 in an attempt to alleviate the country’s flagging economy.

The country’s highest trade deficit decrease year-on-year registered at 56 percent in February 2017.

Source: Ahram Online