Egypt trade deficit falls 46% y/y in Q1

Egypt’s trade deficit dropped to $6.59 billion in the first quarter of 2017, a 46 percent fall from the same period last year, state news agency MENA reported Friday.

Import-dependent Egypt has seen its exports grow since it floated its currency in November, roughly halving it in value overnight and making its goods more competitive on international markets.

Egypt’s exports for the period jumped to $5.52 billion from $4.79 billion, while imports declined to $12.11 billion from $17 billion the year prior, MENA reported.

Source: Reuters