CAIRO: In its last statistical bulletin, the Central Agency for Public Mobilization and Statistic (CAPMAS) noted a 51.9 percent decline in the Trade Balance’s deficit, adding that it amounts to 10.56 billion EGP during April 2014 in comparison to 21.94 billion EGP for the same period the year before, according to CAPMAS’s press statement Wednesday.
During the comparison period, Egyptian imports edged down by 33.5 percent to value at 27.1 billion EGP in April in comparison to 40.79 billion EGP the year before, it stated, attributing the decline to the harsh decline in petroleum products, raw materials of steel, plastics, wheat and corn).
Despite the harsh decline in the Trade Balance’s deficit, Egypt’s exports have also declined during April registering a 16.5 billion EGP value compared to 18.8 billion EGP in the same period the year before, this was caused by a decline in the exporting of petroleum products, garments, fresh oranges, fertilizers and slurries.
Cairo University Economics Department Professor Farag Abdel Fattah told The Cairo Post late Wednesday that the large decline in the Trade Balance is reflecting the improvement in political and economic situations in Egypt during the past few months and the adopted plan by the government to surround Egypt’s trade deficit.
Despite the large decline in the monthly trade deficit, Fattah unveiled that the rate of imports is considered a negative aspect for Egypt’s Trade Balance as a whole especially that Egypt’s imports have exceeded exports during the comparison period.
Abdel Fattah called on the government to address increasing exports along with focusing on core goods to shorten the Trade Balance deficit, he said, adding that core goods include modern technology products, petroleum and products of the food industry.