CAIRO: Egypt’s trade balance deficit recorded a 63.5 percent decline in June, registering 9.09 billion EGP ($1.27 billion) compared with 24.88 billion EGP in the same month a year earlier, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced in a Sunday report.
CAPMAS attributed the decline to a 3.8 percent rise in exports and a 35.5 percent decrease in imports in June.
“Exports rose to 18.42 billion EGP in June, up from 17.75 billion EGP in June 2013,” the report said. The rise was attributed to a higher value on outputs such as crude oil and petroleum products, namely jet fuel, in addition to fruits and medicine.
The value of imports also fell by 35.5 percent to 27.5 billion EGP during June 2014 compared to 42.6 billion EGP in June 2013 due to the decrease in the value of some commodities such as wheat, petroleum products (diesel and butane), chemicals and meat.
In May, the trade deficit shrank by 28.6 percent to hit 17.3 billion EGP ($2.4 billion) compared with 24.3 billion EGP in the same month a year earlier.