Egypt's trade deficit drops $2.6 billion last year
Egypt's trade deficit last year decreased by nearly 10 billion pounds (around $2.6 billion), the state-run news agency MENA reported on Tuesday, March 27.
The trade deficit stood at 32.42 billion pounds ($8.5 billion) in 2000, down from 42.35 billion pounds ($10.6 billion) in 1999, said the report, quoting the government statistics office.
Revenues from exports, including crude, rose from $12.5 billion to $16.23 billion, while spending on imports, including refined oil products, dropped from $54.4 billion to $48.65 billion during the same period.
In the absence of an explanation of the causes behind the figures, it was not clear whether the decrease in imports was caused by an increase in domestic production or a drop in demand.
Egypt has for the last two years faced an economic crisis marked by a cash crunch. — (AFP, Cairo)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)