Egypt's trade deficit down 3.1 percent year-on-year in August

Newspaper Title: http://english.ahram.org.eg/

Newspaper Number:

Monday - 7 November 2016

Egypt's trade deficit was down 3.1 percent in August compared to the same month last year, reaching EGP 37.8 billion, the state's statistics body CAPMAS said in a Monday statement.

On a monthly basis, the trade deficit has increased from EGP 30.9 billion in July.

Exports have increased in August year-on-year by 22.9 percent to reach EGP16.7 billion, CAPMAS reported, with fertilisers increasing by 87.9 percent and crude oil by 16.6 percent.

Imports in August have increased year-on-year by 3.6 percent to reach EGP54.4 billion as petroleum products increased by 22 percent.

In September, Egypt’s trade minister said Egyptian exports are expected to be boosted by 10 percent if and when the devaluation of the local currency happens.

Last week, Egypt's central bank floated the local currency to move from a fixed rate of EGP8.78 against the dollar to an average EGP16.75 as of midday Monday.