Egypt’s trade balance deficit reached 24.6 billion Egyptian pounds (US$ 3.1 billion) in April of 2015, representing a 52.7 percent increase compared to EGP 16.11 billion in April 2014, Central Agency for Public Mobilization and Statistics (CAPMAS) reported Tuesday.
State exports valued EGP14 billion in April, declining from EGP17.26 billion in April 2014, due to a drop in the price of certain goods such as crude oil, petroleum products and primary form plastics.
Meanwhile, imports’ value rose by 15.67 percent, jumping to EGP38.7 billion, from EGP33.37 billion during the same month last year.
According to the report, the rise in imports’ value was due to the increase in the value of certain goods such as petroleum products and vehicles.
Egypt’s inflation accelerated after the government decided to cut subsidies in July 2014, increasing fuel prices by as much as 78 percent.
The urban consumer inflation rate dropped to 11.4 percent in June of this year, from 13.1 percent in May, according to CAPMAS.