BOT Deficit Of Egypt’s Foreign Trade Records US$35 bln Last Oct

The Egyptian balance of trade recorded US$ 35 billion deficit from January to October 2012, concerning Egypt’s foreign trade in the non-petroleum products, due to the high increase the Egyptian imports witnessed during this period.

The Egyptian exports of the non-petroleum products during the same period amounted to US$ 18 billion, while the Egyptian imports reached US$ 53 billion.

Hatem Saleh, Minister of Industry and Foreign Trade, told “Amwal Al Ghad” that the ministry of industry is intensively working to bolster the Egyptian exports of non-petroelum products in the upcoming period; expecting that the exports increase during the last two months of 2012.

On the other hand, Dr Ahmed Ghoniem, Professor of International Economy, Cairo University, said the exaggerated deficit of the state’s balance of trade requires reforming the system of the Egyptian foreign trade through general strategy aims at coordinating between the manufacturing and exporting policies in Egypt.