CAPMAS: Egypt’s June Trade Deficit Down 11.2%

Egypt’s trade balance deficit retreated to EGP 19.98 billion ($ 2.90 billion) in June 2013, a 11.2 percent decrease from the EGP 22.51 billion ($ 3.27 billion) it had recorded in June 2012, according to a recent report by the state-run statistics agency the Central Agency for Public Mobilization and Statistics (CAPMAS).

The June 2013 figure nonetheless represents a 108.1 percent increase compared to the trade balance deficit in June 2010, which totaled EGP 9.6 billion ($ 1.39 billion), reports CAPMAS.

According to the official statistics agency, total exports in June hit EGP 17.61 billion ($ 2.56 billion), up 14.3 percent from the EGP 15.41 billion ($ 2.24 billion) recorded in June 2012, on the back of higher prices for some exported commodities like crude oil, fertilizers, ready-made garments, raw plastics and foodstuffs.

Meanwhile, imports fell by 0.9 percent in June to EGP 37.59 billion ($ 5.45 billion) compared to the EGP 37.92 billion ($ 5.50 billion) recorded the previous year, due to the devaluation of certain goods such as oil, raw iron and steel, chemicals, meat and wood.