Trade balance deficit declines 19.9pct in October 2016: Egypt’s CAPMAS

Egypt’s trade balance deficit dropped by 19.9 percent in October 2016 to 27.83 billion pounds (US$1.5 billion) from 34.75 billion pounds in October 2015.

The monthly bulletin of foreign trade released by state’s statistics body CAPMAS showed that exports value rose by 21.4 percent in October 2016 to 16.22 billion pounds opposed to 13.36 billion pounds a year earlier.

This rise came due to the increase in exports value of some commodities notably; fertilizers (196.5 percent ), crude oil (71.1 percent) , furniture (45.1 percent), fresh fruits (38.6 percent), pates and food preparations (33.7 percent).

Meanwhile, the bulletin stated that exports of some commodities declined in October 2016 notably; petroleum products (58.3 percent), fresh onions (48 percent), dairy products (30.6 percent), sanitary Paper (22.2 percent) , ready-made clothes (3.2 percent).

On other side, Egyptian imports recorded 44.05 billion pounds in October 2016 opposed to 48.11 billion pounds in October 2015, making a 8.4 percent drop, the CAPMAS stated.

This drop was due to the decline in value of some commodities notably; wheat (90.7 percent), cars by 14.2 %, corn (4.9 percent), car parts (3.9 percent).

Meanwhile, imports of some commodities increased in October 2016 notably; crude oil                                     (36.1 percent), outword tires and inner tubes for means of transportation (22.7 percent), medicines and pharmaceutical preparations (17.7 percent), raw materials of iron or steel (7.7 percent), plastics in primary forms (4.3 percent), the bulleting stated.