By Hend El-Behary
Egypt’s trade deficit nearly doubled, reaching EGP 17.6 billion in June, compared to EGP 11.9 billion in the same month last year, a 47.9 per cent jump according to the Central Agency for Public Mobilisation and Statistics (CAPMAS).
Exports have plunged by 18 percent, falling to EGP 14.6 billion, a decrease of EGP three billion compared to the same month for the previous year. The drop is attributed to the fall in the cost of products such as crude oil, textiles, raw plastics, fertilisers and construction materials. Egypt is net exporter of crude oil, agricultural products (citrus fruits, rice and dried onions), chemicals, metals, cotton and textiles.
The country’s main export partners are the United States, Italy, China and the United Kingdom.
According to CAPMAS, imports climbed by EGP three billion compared to the same month last year, rising by 8.8 per cent. The surge in imports was caused by the rise in international prices of petroleum products, iron and steel, plastics and crude oil.