CAIRO: The trade deficit dropped 2.7 percent to hit 21.59 billion EGP ($3.03 billion) in January, compared to 22.2 billion EGP in the same month last year, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed late Thursday.
In December, trade deficit declined 21.4 percent to hit 18.04 billion EGP ($3.38 billion) in December 2013, compared to 22.95 billion EGP in December 2012.
The value of exports decreased by 4.4 percent, registering 15.44 billion EGP during January 2014 versus 16.15 billion EGP in the corresponding month last year, CAPMAS said in its Monthly Bulletin for Foreign Trade for January.
CAPMAS attributed the decline to the value decrease of some commodities such as petroleum products, fresh orange, tiles and sanitary fixtures, articles of plastic, and carbon.
The value of imports fell by 3.4 percent as it reached 37.03 billion EGP during January 2014, down from 38.35 billion EGP for the same month in 2013. The report cited the value decrease of some commodities such as wheat, petroleum products, drugs and pharmaceutical, and copper.
Egypt has been trying hard to revive its limping economy plagued by political unrest since the ouster of President Hosni Mubarak in the wake of the January 25 Revolution in 2011, with lower tourism revenues and less investments.
However, $12 billion aid pledged to Egypt by Gulf States – Saudi Arabia, Kuwait and United Arab Emirates – after the ouster of Islamist President Mohamed Morsi on July 3, 2013, helped the government commit to its obligations.
The budget deficit is expected to range between 11 to 12 percent, 240 billion EGP, by the end of the fiscal current year 2013/2014, according to data from the Ministry of Finance.