Egypt’s trade deficit declined by 22% in February: CAPMAS

Mohamed Ayyad
1 Min Read
Egypt depends on the Suez Canal as a major source of foreign currency, dollars, besides remittances from Egyptians abroad, and Egyptian exports and tourism revenues. (Photo courtesy of Suez Canal Authority)

Egypt’s trade deficit declined by about 22% in February 2016 compared to February 2015, according to a report issued on Thursday by the Central Agency for Public Mobilisation and Statistics (CAPMAS).

The balance of trade is an economic measure of the difference in value between a country’s imports and exports during a given period.

According to CAPMAS, the trade deficit was EGP 22.4bn in February 2016 compared to EGP 30bn in February 2015.

Egypt’s imports fell by 15.3% in February 2016 to record EGP 36.1bn, compared to the same period in 2015. This decline followed a drop in the value of some imports: petroleum products by 12%, iron and steel by 20.7%, and passenger vehicles by 19%.

The value of some imports increased in February 2016, such as fresh apples by 11.3% and copper products by 18.2%.

According to the monthly CAPMAS report, the value of Egyptian exports increased by 6% in February 2016 to reach EGP 12.8bn.

The value of fresh orange exports increased by 21.6%, petroleum products by 10.4% and fertilisers by 5.9%

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