CAIRO: Egypt’s balance of trade deficit increased by 21.9 percent in December 2014 recording 21.88 billion EGP ($ 2.8 billion,) compared to 17.96 billion EGP ($2.3 billion) in December 2013, said the Central Agency for Public Mobilization and Statistics (CAPMAS) Thursday.
The increase of the trade deficit is due to a surge of importing rates by 9.6 percent with 38.20 billion EGP ($5 billion) in December 2014, comparing with 34.86 billion EGP ($4.57 billion) in December 2013, the reported added.
The increased import products include petroleum derivatives of kerosene and liquefied petroleum gas with 154.7 percent, motorcars with 126.8 percent, and meat with 38.7 percent, organic and inorganic chemicals with 19.6 percent, pharmaceutical drug and cosmetics with 9.8 percent, the report noted.
In November, the trade balance deficit rose by 13.9 percent, registering 26.49 billion EGP ($3.47 billion,) compared to 32.2 billion EGP ($4.22 billion) in the same period of 2013.
The report was issued a day before the kick-off the Egyptian Economic Development Conference in Sharm el-Sheikh resort in the Red Sea; last week the Foreign Ministry announced that 80 foreign countries would attend the conference.