Egypt’s Trade Deficit Influences Balance of Payments

The Egyptian trade of balance achieved deficit with EGP 224 billion from January to November 2012, due to the big difference between Egypt’s imports and exports.

Throughout the period from January to November, the Egyptian exports recorded EGP 117 billion, compared to EGP 341 billion of the Egyptian imports at the same period, consequently the deficit recorded EGP 224 billion, rose by 19%; while the deficit in 2011 recorded EGP 188 billion; according to official data to “Amwal Al Ghad”.

The Minister of Industry, Hatem Saleh, in his statements to Amwal Al Ghad, underscored the necessity of treating this increasing deficit, which affects the Egyptian balance of payments and harms the reserves of foreign currency, by rationing the imports and expanding in the strategies of developing the exports.