Egypt’s trade balance deficit registered EGP 19.46bn in July 2014, decreasing by 22.5% compared to the EGP 25.11bn recorded during the same month last year, according to a report of the Central Agency for Public Mobilization and Statistics (CAPMAS).
The report attributed the deficit’s decline to the 18.8% drop in imports and the 12.7% decrease in exports.
In July, Egyptian exports totaled EGP 13.05bn, compared to EGP 14.94bn during the same month last year. The plummet in exports was due to the decrease in the values of some commodities such as petroleum products, crude oil, ready-made clothes and fertilisers.
The value of Egyptian imports reached EGP 32.51bn, compared to EGP 40.05bn during the same month the previous year.
CAPMAS said that this was “due to the decrease the value of some commodities such as petroleum products, primary forms of iron or steel, corn, primary forms plastics”.