CAIRO: Egypt’s trade balance deficit surged to 34.7 billion EGP ($4.32 billion) at July- end, marking a 38.8 percent hike from 25 billion EGP in the same month a year earlier, state-statistical body reported Tuesday.
Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS) attributed the rise to a 2.6 percent decline in exports, while imports jumped 24.3 percent in this period.
“Exports dropped to 13.1 billion EGP in July, down from 13.5 billion EGP in the same period last year,” the report said.
CAPMAS said the drop was mainly caused by a decline in commodity prices, notably crude oil, textiles, clothes, and furniture.
Meanwhile, the value of imports soared to 47.8 billion EGP during July, compared to 38.5 billion EGP in the corresponding month last year.
The rise was driven by price hike of some commodities such as and some petroleum products, meats, passenger cars, spare parts, medicines raw materials like iron and steel, CAPMAS explained.