Egypt’s trade balance registered a EGP 27.9bn deficit in September compared to EGP 16.3bn in September 2013, the Central Agency for Public Mobilization and Statistics (CAPMAS) revealed on Sunday.
The increase in the deficit marks a 70.9% year-on-year increase.
CAPMAS noted that the value of exports in September 2014 recorded approximately EGP 14.5bn, a drop from EGP 16.6bn in the same month last year. It registered a 12.5% decrease, attributed to a decrease in the value of certain items, including petroleum and dairy products and fruits.
Meanwhile, Egypt’s imports have marked EGP 42.5bn, a 28.8% increase from EGP 32.9bn in September 2013, CAPMAS added.
The total value of exports between January and the end of October recorded $18.218bn, representing an increase of 1.29% compared to the corresponding value last year. The targeted value of exports in 2014 is $25bn, compared to $21.5bn in the previous year, according to Ministry of Industry and Foreign Trade.
Industry Minister Mounir Fakhry Abdel Nour said in September that the government has adopted a law that grants preferential treatment to local products to significantly reduce imports and address the trade deficit.