Thank you Gulf states? Nope, not this time! Egypt's trade deficit falls due to fall in exports and imports
Egypt's trade balance deficit reached LE23.5 billion ($3.3 billion) in November 2013, state-run statistical body CAPMAS reported on Monday.
The figure represented a 12 percent drop compared to the same month in 2012, when the deficit stood at LE26.7 billion ($3.8 billion).The value of Egypt's exports in November 2013 also declined two percent from the previous year, recording LE15.1 billion ($2.1 billion).
Among the main products to suffer a drop in exports, according to CAPMAS, were petroleum products, fresh fruits and liquefied propane.Egypt’s Cabinet Information and Decision Support Centre (IDSC) reported that natural gas exports decreased by 46 percent to $120 million in November 2013 compared to the same month a year earlier.
Egyptian oil production also declined by 1.5 in November and exports lost 1.2 percent of their value to $473 million, IDSC added.On the other hand, the value of imports also shrank by 8.4 percent to reach LE38.6 billion ($5.5 billion) compared to LE42.1 billion ($6 billion) in November of the previous year.
Imports included wheat, crude oil, petroleum products, medicines and passenger cars.
Mahmoud Diab, spokesman of the ministry of supply, told Ahram Online that by late November the country’s wheat stock stood at 2.8 million tons imported since August, which would be enough until the beginning of March 2014.
- Why India is likely to re-emerge as the UAE's top trade partner
- What's really attracting high net worth individuals to living in the UAE?
- Forbes Middle East reveals names region's 200 most powerful women
- Presidential vacuum, Syrian crisis leaves Lebanon's business leaders more than worried
- Oil wells, taxes, and scare tactics: how the IS has been making money all this time