Egypt’s trade drops by 46% in Q1

Egypt’s trade deficit fell by 46 percent to $6.59 billion in the first quarter of 2017, from the same quarter in 2016, state news agency MENA reported on 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