CAIRO: Egypt’s trade balance deficit has narrowed by 25.7 percent in August 2015, registering 27.9 billion EGP compared with 37.5 billion EGP in the same period of the last year, stated a monthly bulletin of the Central Agency of Public Mobilization and Statistics Wednesday.
Export rate saw a drop by 14.4 percent to 13.1 billion EGP in August 2015, compared with 15.3 billion EGP in August 2014, the bulletin added, attributing such decrease to a decline in prices of oil products, row material for plastic industry, crude oil, and clothes.
Imports decreased by 22.5 percent from 52.9 billion EGP in 2014 August to 41 billion EGP in 2015, the bulletin noted. This drop was caused by decreased prices of wheat, row materials of steel, furniture, and cars.
In July, the deficit surged to 34.7 billion EGP ($4.23 billion), marking a 38.8 percent hike from 25 billion EGP in the same month a year earlier, CAPMAS reported on Oct. 28.
Trade balance deficit is a economic measure in which a country’s imports exceed its exports with other countries.