CAIRO: The trade deficit dropped 7.6 percent in March 2014 to hit 20.5 billion EGP, compared to 22.19 billion EGP during March 2013, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced Monday.
In February, trade deficit decreased by 43.3 percent in February 2014 to hit 11.72 billion EGP compared to 20.66 billion EGP during February 2013.
The value of exports fell 5.5 percent, registering 18.03 billion EGP during March 2014, down from 19.09 billion EGP in the corresponding month last year, CAPMAS said in its Monthly Bulletin for Foreign Trade for March.
CAPMAS attributed the decline to the value decrease of some commodities such as petroleum products, textiles, fertilizers, fresh orange, steel, and iron.
According to the report, imports amounted to 38.53 billion EGP during March, marking a 6.6 percent decline from 41.27 billion EGP in March 2013, due the reduction of the value of some commodities, like crude oil, drugs, and pharmaceuticals.
Egypt has been trying hard to revive its weakening economy plagued by political unrest since the ousting of former 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 ousting of Islamist President Mohamed Morsi on July 3, 2013, to help the government commit to its obligations.